M/S. UNIQUE BUTYLE TUBE INDUSTRIES P.LTD vs U.P. FINANCIAL CORPORATION .

The Supreme Court examined the maintainability of recovery proceedings initiated by U.P. Financial Corporation under the Uttar Pradesh Public Monies (Recovery of Dues) Act, 1972 in light of Section 34(2) of the Recovery of Debts Due to Bank and Financial Institutions Act, 1993. The Court held that the Financial Corporation has the discretion to choose between recovery methods under different statutes, affirming the High Court's conclusion that proceedings under the U.P. Act are permissible. The judgment of the High Court was upheld, allowing the recovery proceedings to continue.