Hypothicated agriculture land selling

sanjay (Querist) 18 April 2013 This query is : Resolved
Can private bank sell hypothecated agriculture land in Gujarat?

Pls. provide guidance.

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ajay sethi (Expert) 18 April 2013
academic query . state facts of your case

sanjay (Querist) 18 April 2013
Dear Sir,
In this case private bank giving funding as a tractor loan and hypothecated his land as a security in this case now customer don't hAve a tractor and not ready to pay loan instalment.. So can private bank sell his hypothecated agriculture land.

ajay sethi (Expert) 18 April 2013
is there a provision in hypothecation agreement that if you fail to pay dues land would be sold

sanjay (Querist) 18 April 2013
In other state bank can sell land but in Gujarat . I don't know about that

R.K Nanda (Expert) 18 April 2013
state real facts.

sanjay (Querist) 18 April 2013
This is a real fact it is a tractor funding case in private bank and tractor is not traceable.

RAJU O.F., (Expert) 19 April 2013
If the loan taken against the security of even agricultural property, was defaulted, the private scheduled commercial bank can recover the dues by selling the said property through court/ if more than Rs.10 lakhs, DRT.

Raj Kumar Makkad (Expert) 19 April 2013
There is no separate rule for Gujarat. Like all other States, the private bank can definitely recover its outstanding dues by auctioning the mortgaged property otherwise what is the use of hypothecation.

sanjay (Querist) 22 April 2013
Thanks to all of you

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