Saurav Jindal (Owner) 27 January 2012
A trust has established an educational institute on an agricultural land without obtaining the Change of Land Use certificate from the Authorities as land is out of Control Area declared by the Govt. and the trust has pledged this land to the bank for getting loans.
Now the Question is whether the bank can sell this land and building under the Sarfesi act/Secrutinization act to get the loan amount back.
RAJU O.F., (Advocate) 28 January 2012
As the property secured is not used for any agricultural activities, bank can proceed under SARFAESI Act for sale of the said property for recovering the dues.
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