CANARA BANK vs NATIONAL THERMAL POWER CORPN.

The Supreme Court addressed the applicability of the judgment in Oil & Natural Gas Commission & Anr. v. Collector of Central Excise [1995 Supp. (4) SCC 541] concerning the referral of disputes to a High Powered Committee. The Court held that the High Court erred in setting aside the Company Law Board's orders as there was no genuine dispute warranting such referral under Section 111(4), (5) & (7) of the Companies Act. The appeals were allowed, reinstating the Company Law Board's decisions.