Is sarfaesi act applicable on agriculture lands

neha (Querist) 24 October 2013 This query is : Resolved
Dear Sir\Madam

I want to confirm that , one factory situated in Baddi (HP) and manufacturing aluminium products and having permission of HP Govt. u/s 118 of Himachal Pradesh Tenancy and Land Reforms Act, 1972 which says that govt gives permission to start industrial activity on agricultural land. Now my query is that The said company has taken loan from the bank and if this factory does not pay the loan amount Does Section 13(2) of SARFAESI Act applicable to this factory ?
Kindly advice me ASAP
Regards.

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