Amendment status not verified — confirm the current text below against the official source.
Nothing in section 3 shall notwithstanding (a) affect any interest of the State Government, a banking company, a Corporation or a Government company in any property created by any mortgage, charge, pledge or other encumbrance ; or (b) bar a suit or affect any other right or remedy against any person other than a person referred to in that section, in respect of a contract of indemnity or guarantee entered in relation to an agreement referred to in that section or in respect of any interest referred to clause in (a). JAGDISH SINGH GREWAL, Additional Secretary to Government of Punjab, Department of Legal and Legislative Affairs. 16905 LR-Govt., Press, UT, Chd. 4 PUNJAB GOVT GAZ. (EXTRA)), APRIL 16, 1985 (CHTR. 26, 1907 SAKA) Provided that where the State Government is of opinion that it is necessary so to do for safeguarding the recovery of the sum due to it, a banking company, a Corporation or a Government com- pany, as the case may be. it may for reasons to be recorded in wri- ting direct proceedings to be taken for recovery of the sum due before or at the same time as the proceedings are taken for sale of the goods pledged ; (b) in every case of a mortgage, charge or other encumbrance on immovable property, such property or, as the case may be, the interest therein of the person referred to in sub-section (/) shall first be sold in proceedings for recovery of the sum due from that person and any other proceedings may be taken only if the Collector certifies that there is no prospect of realisation of the sum due through the first mentioned process within a reasonable time. Bar of suits.