M/S. Unique Butyle Tube Industries Pvt. ... vs U.P. Financial Corporation & Ors

The Supreme Court held that the proceedings for recovery initiated by the U.P. Financial Corporation under the Uttar Pradesh Public Monies (Recovery of Dues) Act, 1972 are maintainable despite the provisions of Section 34(2) of the Recovery of Debts Due to Bank and Financial Institutions Act, 1993. The Court clarified that the choice of recovery methods under different statutes is permissible and does not conflict with each other, affirming the High Court's decision that the Corporation can proceed under the U.P. Act. The appeal against the High Court's judgment was dismissed, upholding the legality of the recovery proceedings.