( 1 ) A very important and vital question has been raised in these petitions which requires immediate attention of this Court. The question raised is as to whether on conning into force of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, in short "debt Recovery Act", setting up Debt Recovery Tribunals, "tribunal" in short, for adjudicating upon the claims of the banks and financial institutions, the jurisdiction of the Company Court under Subsection 1) of Section 446 of the Companies Act to grant or refuse leave of any suit or legal proceedings and under Sub-section (3) of Section 446 of the Companies Act to transfer the suits or any proceedings to the Company Court has been taken away and that the said banks and the financial institutions need not apply for such leave either for filing new claims or proceeding with a pending claim, although the Company has gone into liquidation and has been wound up by the Company Court.

( 2 ) I have heard Mr. Sumant Batra, Mr. A. S. Chandoik, Mr. P. C. Khanna, Mr. Manmohan, Mr. B. N. Nayar, Mr. Rajiv Datta and other Counsels appearing for the various parties and record appreciation of their painstaking effo