Uttar Pradesh Public Moneys (Recovery of Dues) Act, 1972

Denin Leathers Ltd obtained a term loan from the Pradeshiya Industrial and Investment Corporation (PICUP) and mortgaged its immovable property. After the company converted to a public limited company, recovery certificates were issued against several guarantors, including the appellant Ashok Mahajan, under the Uttar Pr…

Sobran Singh, a guarantor for a loan, challenged recovery proceedings initiated under the Uttar Pradesh Public Moneys (Recovery of Dues) Act, 1972, arguing that Section 4(2) barred action against him until the principal borrower’s mortgaged property was sold. The High Court dismissed his writ petition, holding that the…

The State Industrial & Investment Corporation of U.P. Ltd. issued a recovery notice under the Uttar Pradesh Public Moneys (Recovery of Dues) Act, 1972 against Pawan Kumar Jain, who was a guarantor of a loan advanced to a fourth respondent company. Jain challenged the notice, arguing that after a Central Government noti…