Nahar Industrial Enterprises Ltd vs Hongkong & Shanghai Banking Corp

The Supreme Court addressed the jurisdictional issue of transferring a civil suit to a Debt Recovery Tribunal under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. The Court held that such a transfer is permissible when the suit involves parties that are banks or financial institutions as defined under the Act. The Court affirmed the High Court's decision to transfer the suit from the Civil Court in Ludhiana to the Debt Recovery Tribunal in Mumbai, emphasizing the need for specialized adjudication in debt recovery matters.