Section 33 in The M.P. Shakari Krishi Aur Gramin Vikas Bank Adhiniyam 1999
33. Appointment and power of receiver.
(1)Notwithstanding anything contained in sub-section (4) of Section 7, the State Development Bank on its own motion or on the application of any of its branches, or a District Development Bank may appoint in writing a receiver of the produce and income from the property offered as security or any part thereof and such receiver shall be entitled either to take possession of this property or collect its produce and income, as the case may be, and to retain out of any money realised by him, his expenses of management including his remuneration, if any as may be fixed by the State Development Bank or a District Development Bank and to apply the balance in accordance with the provisions of sub-section (8) of Section 69-A of the Transfer of Property Act, 1882 (IV of 1882).(2)The State Development Bank or a District Development Bank may, on its own motion or on an application made by the loanee and on sufficient cause remove a receiver appointed under sub-section (1).(3)A vacancy in the office of the receiver may be filled up by the State Development Bank or a District Development Bank.(4)Nothing in this section shall empower the State Development Bank or a District Development Bank to appoint a receiver where the property is already in the possession of a receiver appointed by a Civil Court :Provided that the State Development Bank through its Managing Director or a District Development Bank through its General Manager may file a petition in Civil Court to direct the receiver appointed by it to apply any part or whole of the balance of the amount realised by him to the discharge of the amount due to the State Development Bank or a District Development Bank, as the case may be.
