Special recovery remedy under the Industrial Finance Corporation Act survives later debt-recovery law; pending proceedings were not transferred.

A later debt-recovery statute did not displace the special recovery remedy under the Industrial Finance Corporation Act, 1948 because section 34(2) stated that the 1993 Act operates in addition to, and not in derogation of, the earlier Act. The phrase "in addition to" was read as preserving the pre-existing remedy, while "not in derogation of" prevented any curtailment of the special rights under section 30. As a result, proceedings initiated under the Industrial Finance Corporation Act were not transferred to the Tribunal under section 31 and remained maintainable under the earlier special law.

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Issues: Whether proceedings initiated by a financial institution under section 30 of the Industrial Finance Corporation Act, 1948 were liable to stand transferred to the Tribunal under section 31 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, or whether section 34(2) saved the remedy under the Industrial Finance Corporation Act, 1948.

Analysis: The proceeding was one for recovery of debt and would otherwise fall within the broad scope of the 1993 Act, including the transfer provision in section 31. However, section 34(2) expressly provides that the 1993 Act and the rules made thereunder are in addition to, and not in derogation of, the Industrial Finance Corporation Act, 1948. The expression "in addition to" was construed as preserving the pre-existing statutory remedy, and "not in derogation of" as preventing any curtailment of the special rights conferred by section 30 of the Industrial Finance Corporation Act, 1948. Accordingly, the later Act did not displace or impair the earlier special law.

Conclusion: The proceedings were held not to be transferred to the Tribunal under section 31 and the petition under the Industrial Finance Corporation Act, 1948 was maintainable.

Final Conclusion: The special recovery remedy under the Industrial Finance Corporation Act, 1948 remained intact notwithstanding the 1993 Act, and the pending proceedings continued unaffected.

Ratio Decidendi: Where a later enactment expressly states that its provisions are in addition to and not in derogation of an earlier special statute, the earlier statute's recovery remedy is preserved and transfer provisions in the later Act do not operate to displace pending proceedings under the earlier Act.

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