2001 (2) TMI 968 - SC - Companies Law

Notified person - Recovery of amount due - Held that:- Appeal dismissed. Whenever the Legislature wishes to do so it makes appropriate provisions in the Act in that behalf. Section 34 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 wherein after giving an overriding effect to the 1993 Act it is specifically provided that the said Act will be in addition to and not in derogation of a number of other Acts including the SICA. Similarly under section 32 of the SICA the applicability of the Foreign Exchange Regulation Act, and the Urban Land Ceiling Act is not excluded. It is clear that in the instant case there was no intention of the Legislature to permit the SICA to apply notwithstanding the fact that proceedings in respect of a company may be going on before the BIFR. The Special Court Act is to have an overriding effect notwithstanding any provision to the contrary in another Act.