LAWS(SC)-2002-12-40

UNIQUE BUTYLE TUBE INDUSTRIES PRIVATE LIMITED Vs. UTTAR PRADESH FINANCIAL CORPORATION

Decided On December 20, 2002
UNIQUE BUTYLE TUBE INDUSTRIES PVT.LTD. Appellant
V/S
UTTAR PRADESH FINANCIAL CORPORATION Respondents

JUDGEMENT

(1.) Leave granted.

(2.) The only question that falls for determination in this case is whether the proceedings for recovery initiated by U.P. Financial Corporation (hereinafter referred to as 'the Corporation') under the Uttar Pradesh Public Monies (Recovery of Dues) Act, 1972 (in short 'the U.P. Act') on 6-1-2001 are maintainable in view of Section 34(2) of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (in short 'the Act').

(3.) Factual position sans unnecessary details is as follows :