Mithra 05 December 2020
Dr J C Vashista (Advocate) 06 December 2020
| Originally posted by : Mithra | ||
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Respected sir, I have availed a mortgage loan in a bank with pledge of my agriculture land.. I make payment properly starting and after I can't make my payment due to my illness. The bank is now ready to action my Agri land under sarfaesi act even I am ready to close the loan with OTS(one time settlement).The bank refused my OTS request and take possession of the land. Now I will go to apply interim stay order against action. The point is Surfaesi act is not applicable for agriculture land. But the bank panel engineer and advocate measured that land as "vacant land" with the reason that there is no agriculture activities has been done in that land. But in government revenue records that land is still agriculture land and the land is ready for cultivation till now. Is this enough to get interim order to stay against the auction? Please let me know the status and procedure dear experts.. Thank you.. |  |
Are you sure SARFAESI Act, 2002 is inapplicable for agriculture land ?
If so, how did the bank accept the agricultural land to create mortgage on the land ?
Isaac Gabriel (Advocate) 06 December 2020
No exemption from the Searfasi Act.
Mani 06 December 2020
The bank panel engineer valuated that land as "vacant land" due to no agriculture activities done for the past 5years. So bank mortgaged that land sir.
But in revenue records it still indicate as "agriculture land". That's the point is favour to me.
But I'm not sure if interim order will get. Thank you sir
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