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Ram Bharoshe Lal Sharma v. State Of U.P. & Others - WRIT - C No. 15335 of 2004  RD-AH 3453 (23 September 2005)
Writ Petition No. 15335 of 2004
HON'BLE YATINDRA SINGH, J
HON'BLE R.K.RASTOGI, J.
1. The petitioner is guarantor of the loan taken by M/s Rainbow Industries. He has filed the present writ petition against the proceedings initiated under UP Public Moneys (Recovery of Dues) Act. 1972.
2. We have heard counsel for the petitioner and standing counsel and Sri KRS Jadon counsel for the respondents.
3. The recovery is admittedly for more than ten lakhs rupees. In view of full bench decision of this court reported in SC Gupta Vs. Collector 2005 (60) ALR 455 no recovery can be done under UP Public Moneys (Recovery of Dues) Act, 1972. In view of this, recovery is quashed. It is open to the respondent to recover the amount under Recovery of Debts Due to the Banks and Financial Institutions Act, 1993 or under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
4. With these observations, the writ petition is disposed of.
Date: 23. 9.2005
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