Section 133(1) in The Maharashtra Co-Operative Societies Act, 1960
(1)Notwithstanding anything contained in the Transfer of Property Act, 1882, he [Co-operative Agriculture and Rural Multipurpose Development Bank] or any person authorised by it in this behalf shall, in case of default of payment of the mortgage money or loan amount or any part thereof, have power, in addition to any other remedy available to the bank, to bring the mortgaged or otherwise encumbered property to sale by public auction in the village in which such property is situated or at the nearest place of public resort, without the intervention of the Court;Provided that, no action shall be taken under this sub-section and no such power shall be exercised, unless and until -(a)the [Co-operative Agriculture and Rural Multipurpose Development Bank] [These words were substituted for the words 'Agriculture and Rural Development Bank', by Maharashtra 41 of 2005, (w.e.f. 25-8-2005), Section 8.] has been previously authorised to exercise the power conferred under this subsection after hearing the objections, if any, of the debtor or debtors,(b)notice in writing requiring payment of sum debt or loan money or part thereof has been served upon -(i)the debtor or each of the debtors,(ii)any person who has any interest in or charge upon such property or upon the right to redeem the same as far as it known to the bank,(iii)any surety for the payment of the debt or loan or any part thereof, and(iv)any creditor of the debtor who has in a suit for administration of his estate obtained a decree for sale of concerned property, and(c)default has been made in payment of such debt or loan or part thereof, for three months after service of the notice.
