comprised of the whole of the debtor’s hotel
property- including the agricultural land on which the debtor was to
develop villas. The debtor defaulted ... notice issued under Section 13
(2) by the creditor comprising of agricultural property despite the bar
under Section 31 (i) of the Act is contrary
District Central Cooperative Banks, Urban Co
30
operative Banks, and Primary Agricultural Cooperative Societies. It
has a network of cooperative banks ... agricultural cooperative
societies in the State of Maharashtra on 31.3.2015 as under:
Total number of District Central Cooperative Banks 31
Number of branches
case of the Petitioner is that the land in
question is an agricultural land and the provisions of SARFAESI Act are
not attracted to such ... averred that the land in question cannot be said to be an agricultural
land as no agricultural activity is being carried out on the land
current dues
of crop loans and term loans in respect of
direct agricultural advances granted to
farmers. If such loans become overdue banks
have been ... that part of Entry 30, List II, which
speaks of relief of agricultural indebtedness, was
introduced by the Constitution for the first time, not being
basis of this conclusion is that the Act does not apply to agricultural
land. In consequence, the High Court has held that a security interest ... agricultural
land cannot be enforced.
2 In 1989, a term loan was granted by the appellant to Yelagiri Dairy Farm for
setting up a dairy
therein,
including in Clause (i), any security interest created in
agricultural land. An examination of the provisions of the SARFAESI
Act , particularly those contained ... that Act shall not apply to any
security interest created in agricultural land, it can be noticed
that transfer of property other than agricultural land
credit facility for poultry rearing. Petitioner has offered certain lands, which are agricultural lands, as collateral security. Learned counsel submitted that purpose of availing ... establishing a poultry farm, which is ancillary and supplementary to agricultural operations, and further the secured assets are agricultural lands, the nature of loan offered
other properties, which are now sought to be
brought for sale are agricultural properties and therefore the respondents are
prohibited from bringing the agricultural properties ... would contend that the properties, which were given
as security, are not agricultural properties, as alleged. Item
property
of which possession is to be taken, is an 'agricultural land' and rejecting the
claim of the petitioner-Bank to secure possession ... respondent no.1 had no jurisdiction to decide
whether the property was agricultural land or not. It is submitted that the
District Magistrate
stated ground of the secured asset being an agricultural land. One Ananda Kumar also preferred a civil suit being ... before the Debts Recovery Tribunal-III, Chennai, alleging that the property being agricultural land, could not have been sold as the same is exempted under
