Eclipse + MinGW: After installing another version of MinGW make still uses reference to old path

I'm trying to build a CPP project with make in Eclipse. I had installed some version of MinGW in C:\MinGW\. Consequently my system Path variable contained C:\MinGW\bin and MinGW_Home had that as value.

Now I have decided to install another version of MinGW in C:\TD_MinGW\. I have updated my system Path variable to contain only C:\TD_MinGW\bin\ (and no more the previous directory) and updated MinGW_Home respectively.

I am aware of the Environment and Variables sections in the Eclipse project properties: The Variables are empty and in Environment the amendments to Path do not add the old path.

Nevertheless, if I try to build any of the make targets that contain compilation, it will fail with the message /bin/sh: c:/mingw/bin/mingw32-g++: No such file or directory.

Please, can someone give me a hint on where to remove the old reference?