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2010 (5) TMI 387 - HIGH COURT OF PUNJAB AND HARYANAWhether the jurisdiction of the Company Court stands ousted by the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and the Company Court has no jurisdiction to entertain the company petition and the orders dated 16-1-2004 and 23-3-2006 are without jurisdiction and nullity? Held that:- The petition for winding up is not a petition for recovery of money. The petitioner creditor invokes jurisdiction of the Company Court not for his benefit but for all the creditors, shareholders and contributors. On the other hand, DRT Act is a statute providing adjudicatory process and proceedings for the execution of the amount due. Thus, two statutes occupy different field enacted to achieve different objectives. Thus, the secured creditor cannot be said to be prohibited to continue with the winding up process. Therefore, the argument raised by the petitioner that secured creditor cannot invoke more than one remedy, i.e., DRT Act and Companies Act, is without any merit. The argument that secured creditor cannot be permitted to continue with the winding up proceedings is not tenable in law nor such an argument can be permitted to be raised on behalf of the petitioner. The applications filed by the petitioner are without any merit
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