Unit Trust of India Act, 1963

U.P. Financial Corporation initiated recovery proceedings against Unique Butyle Tube Industries Pvt. Ltd. under the Uttar Pradesh Public Monies (Recovery of Dues) Act, 1972 for default on a loan. The appellant contended that, after the enactment of the Recovery of Debts due to Bank and Financial Institutions Act, 1993,…

Southern Petrochemicals Industries Corp. Ltd. defaulted on a loan of Rs. 101 crore advanced by a consortium that included the Unit Trust of India (UTI). After the UTI was restructured under the UTI (Transfer of Undertaking and Repeal) Act, 2002, the Administrator of the Specified Undertaking of UTI and the UTI Trustee …

Canara Bank paid interest on fixed deposits to the New Okhla Industrial Development Authority (NOIDA) without deducting tax at source under Section 194A of the Income Tax Act, 1961. The Assessing Officer treated the bank as a defaulter and issued a demand notice, which the bank appealed, relying on Notification dated 2…