The petitioner before this Court has challenged the recovery proceedings initiated against him by respondent No.1 U.P. Financial Corporation (hereinafter referred to as 'Corporation'). The main contention of the petitioner is that the recovery is barred by time.

2. The petitioner not only denies that he has any dues against the Corporation, but also challenges the recovery proceedings on the grounds that the same is time barred. Admittedly the petitioner had taken a loan from the Corporation in the year 1981. The total loan sanctioned a term loan of Rs. 24,000/- for establishing of a Confectionery Unit, however, the total loan which was given to him was only Rs. 20,000/-.

3. According to the petitioner he regularly paid installments to the Corporation. He received a letter from the Corporation on 02.08.2009 in which the Corporation demanded a sum of Rs. 13,850/- as principal amount and Rs. 51,151/- as interest thereon i.e. total sum of Rs. 71,001/- as outstanding against the petitioner.

4. This said amount was not paid by the petitioner and subsequently, a recovery proceedings have been initiated against the petitioner under the U.P. Public Money (Recovery of Dues) Act, 1972 (in