Independent recovery remedies under the State Financial Corporations Act may be pursued sequentially, but not simultaneously.

Sections 29 and 31 of the State Financial Corporations Act provide distinct remedies to a Financial Corporation: Section 29 enables direct recovery through takeover of management or possession of secured assets, while Section 31 provides a special court-based procedure for specified reliefs. The saving phrase "without prejudice to the provisions of Section 29" preserves the Corporation's independent right to proceed under Section 29 after resorting to Section 31, provided the two remedies are not pursued simultaneously. If the Section 31 order is not executed or is abandoned, the Corporation may withdraw from that route and invoke Section 29. The doctrine of election does not bar that course because the remedies differ in scope and operation.

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Issues: Whether a Financial Corporation that has obtained an order under Section 31 of the State Financial Corporations Act can thereafter invoke Section 29 of the Act without executing that order.

Analysis: Sections 29 and 31 confer distinct remedies on the Financial Corporation. Section 29 is a self-contained power enabling the Corporation to take over management or possession and realise the secured assets, while Section 31 provides a special court-driven procedure for specified reliefs. The phrase "without prejudice to the provisions of Section 29" in Section 31 preserves the Corporation's right to proceed under Section 29 even after resorting to Section 31. The Corporation cannot simultaneously pursue both remedies, but it may abandon or withdraw the Section 31 proceedings at any stage and then proceed under Section 29 if the order under Section 31 is not complied with or not pursued to execution. The doctrine of election does not bar such a course because the two remedies are different in scope and operation.

Conclusion: The Corporation is entitled to invoke Section 29 after obtaining an order under Section 31, provided it does not simultaneously pursue both remedies and does not execute the Section 31 order while proceeding under Section 29.

Final Conclusion: The legal position preserves the Corporation's independent right to recover its dues under Section 29 notwithstanding earlier recourse to Section 31, so long as the remedies are not pursued at the same time.

Ratio Decidendi: A statutory saving clause preserving one remedy "without prejudice" to another permits a creditor to abandon an unexecuted judicial remedy and resort to an independent statutory recovery power, but prohibits simultaneous pursuit of both.

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