Pawan Kumar Jain vs The Pradeshiya Industrial & Investment ...

The Supreme Court upheld the dismissal of the Appellant's Writ Petition challenging the Recovery Notice issued under the Uttar Pradesh Public Moneys (Recovery of Dues) Act, 1972. The Court ruled that the 1st Respondent, designated as a Financial Institution under Section 2(h) of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, could proceed under the U.P. Act since the Recovery Certificate was issued prior to the Notification by the Central Government. The Court clarified that actions initiated before the Notification are not barred and do not transfer to the Debt Recovery Tribunal under Section 31 of the Debt Recovery Act.