Sarfaesi Act with Agriculture land
J C Gerorge
(Querist) 30 July 2009
This query is : Resolved
My mother have 90 cents property , it have pludged fro business purpose . This is a agriculture land. Due to default Bank is is auctioned that property to our neighbour.I want to know Whether the agriculture land applicable to Sarfaes Act ? If yes what are the options to prove that is agriculture land ? Any latest judgemnet regaeding this matter.
Y V Vishweshwar Rao
(Expert) 30 July 2009
The Agricultural land can not be sold under Security Act . File Application / Appeal before the Debt Recovery Tribunal.
V.Satya venkatarao
(Expert) 30 July 2009
S.31 of SRFA Act specifically exempts agricultural land. Hence u have appropriate remedied in this regard
v.satyavenkatarao
Y V Vishweshwar Rao
(Expert) 30 July 2009
Dear JIji . to show it is Agricultural land you have to produce the Pahanies /adangal/Yearly Rvenue Records to show the cultivation of the land , a certiifcate form Revenue Authorities that the land /property is Agriland and not non agri land and it is still continued in Revenue Accoutns as Agri land. The Agri land is not converted to non agri purposes . It has no other potentiality other than Agri land .It is not converted as Hosue sites in any Approved Lay out and not converted as Industrial purpose/industrial Approved Lay out - and still it is being used / treated as Agri Land .
Y V Vishweshwar Rao
(Expert) 30 July 2009
However the agri land as Security to any creditor / Bank/FI can be sold in a Suit or DRT AO .
In a suit for preliminary mortgage decree and Final decree for sale of the mortgaged proerty and in DRT proceedigns the agri land can be sold for Recovery of the Mortgage Dues of FI /Banks .
mahendra rai jain
(Expert) 30 July 2009
In case of agriculture land SRFA act. not attracted. there is many other provision to recover the money like recovery suit with the attachment of the land, under DRT and many more. It is clear that in case of agriculture land, it has been mortgage with the bank than no one can transfer the property without obtaining the no dues.
J. P. Shah
(Expert) 30 July 2009
DRT will come in picture if suit amount is more than Rs. ten lacs otherwise bank has to move civil court.
Y V Vishweshwar Rao
(Expert) 31 July 2009
It true !that the suit amount is below 10,00,000-00 it is Civil Suit and above 10,00,000-00 it is DRT Case !
