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2002 (12) TMI 508 - SC - Companies Law
Whether the proceedings for recovery initiated by U.P. Financial Corporation under the Uttar Pradesh Public Moneys (Recovery of Dues) Act, 1972 on 6-1-2001 are maintainable in view of section 34(2) of the Recovery of Debts Due to Bank and Financial Institutions Act, 1993 ?
Held that:- Appeal allowed. Impugned order is set aside and the proceedings under the U.P. Act are quashed. It shall be, however, open to the Corporation to take such action under the Act or the Financial Act as is legally available to it.