Section 124 in The Tripura Co-operative Societies Act, 1974
124. Mortgages not to be questioned on insolvency of mortgagors.
- Notwithstanding anything contained in the Provincial Insolvency Act, 1920 (5 of 1920), or any corresponding law for the time being in force, a mortgage, executed in favour of a co-operative land development bank, shall not be called in question in any insolvency proceedings on the ground that it was not executed in good faith for valuable consideration, or on the ground that it was executed in order to give the bank a preference over the creditors of the mortgagor.
