Hon'ble Vinod Kumar Misra,J.
It is contended that since the recovery is of more than Rs.10 lacs, thus in view of the Full Bench decision in the case of Suresh Chandra Gupta versus Collector Kanpur Nagar and others 2005(60) ACR 455, the recovery proceedings cannot be initiated either against the principal borrower or against the guarantor under the U.P Public Moneys (Recovery of Dues) Act, 1972 and the respondent Bank is only entitled to initiate the proceedings under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993.
The matters requires consideration.
Shri Ram Tewari holding brief of Shri Anadi Krishna Narayana has accepted notice on behalf of respondent no. 3 and learned standing counsel representing respondent nos. 1 & 2 may file counter affidavit within six weeks.
List after expiry of the aforesaid period.
Considering the facts and in the light of the decision of the Full Bench, further recovery proceedings against the petitioner in pursuance to the impugned recovery citation dated 1.3.2016 (annexure-3) to the writ petition shall remain stayed.
Order Date :- 31.3.2016 IB