2000 (4) TMI 757 - SC - Companies Law

Impact of the provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 n the provisions of the Companies Act, 1956 - Held that:- Appeal allowed. Direct the Registry of the Supreme Court to make over the monies deposited in this court pursuant to sale of shed No. 15, to the Debt Recovery Tribunal, Delhi, and it will be for the said Tribunal to find out if there are any workmen's dues by issuing notice to the workmen or other persons/bodies which can furnish information in this behalf. The above monies to be sent from this court as well as the monies realised by earlier sales, —in case they are not subject to any pending litigation—have to be first released towards the workmen's dues. The balance remaining will then be released in favour of the appellant-bank in accordance with law and subject to the various principles stated in this judgment. In case any machinery or goods pledged to the Canara Bank are lying in the two other sheds already sold, it will be open to the Canara Bank to move the Tribunal/Recovery Officer for their removal and for an inventory.