PAWAN K. JAIN vs PRADESHIYA INDS.&INVEST.CORPN.OF UP &ORS

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 clarified 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 as the Recovery Certificate was issued prior to the Central Government's Notification. The Court emphasized that the provisions of the Debt Recovery Act do not bar actions initiated before the Notification's issuance, affirming the validity of the Recovery Notice.