Section 123 in The Manipur Co-operative Societies Act, 1976
123. Mortgages not to be questioned on insolvency of mortgagors.
- Notwithstanding anything contained in any Insolvency Act or any corresponding law for the time being in force in Manipur, a mortgage, executed in favour of a land development bank, shall not be called in question in any insolvency proceedings on the ground that it was executed in order to give the bank a preference over the creditors of the mortgagor.
