https://www.taxtmi.com/caselaws?id=110078 Central law prevails over a State law where inconsistency persists between enactments under the Seventh Schedule, subject to harmonious construction. The UP Public Moneys (Recovery of Dues) Act, 1972 was not rendered void by insertion of section 32G in the State Financial Corporation Act, 1951 because both recovery modes could operate independently. Guarantors fall within the broad definition of debt under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, so recovery can proceed against them. Where the debt exceeds the statutory threshold, recovery under the 1972 Act is barred and proceedings must be taken under the 1993 Act. en-us Wed, 25 May 2005 00:00:00 +0530 Fri, 13 Apr 2012 16:29:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110078 Central law prevails over a State law where inconsistency persists between enactments under the Seventh Schedule, subject to harmonious construction. The UP Public Moneys (Recovery of Dues) Act, 1972 was not rendered void by insertion of section 32G in the State Financial Corporation Act, 1951 because both recovery modes could operate independently. Guarantors fall within the broad definition of debt under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, so recovery can proceed against them. Where the debt exceeds the statutory threshold, recovery under the 1972 Act is barred and proceedings must be taken under the 1993 Act. Case-Laws Companies Law Wed, 25 May 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110078