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1999 (9) TMI 769 - SC - Companies LawWhether in view of these facts the amounts claimed by the bank in the suits can be said to be 'debt' due and recoverable by the bank from the respondents? Held that:- Appeal allowed. The High Court was wrong in holding that the applications made by the bank were premature and till the Court decides that the amounts are still due and payable to the bank they cannot be treated as suits for recovery of the debts as contemplated by the Act and, therefore, they are not required to be transferred to the Tribunal.
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