Sale of mortgaged property.

(1) Notwithstanding anything contained in the Transfer of Property Act, 1882, the land development bank or any person possessing the prescribed qualifications and authorized by the bank in this behalf shall, in case of default in payment of the mortgage money or any part thereof have power, in addition to any other remedy available to the bank to bring the mortgaged property to sale by public auction in the village in which the mortgaged property is situated or at the nearest placed of public resort, without the intervention of the Court. Such sale shall be effected in accordance with the prescribed procedure. (2) No power under sub-section (1) shall be exercised unless and until— (a) notice in writing requiring payment of such mortgage money or part thereof has been served upon— (i) the mortgage or each of the mortgagors, (ii) any person who has any interest in or charge upon the property mortgaged,, or in or upon the right to redeem the same so far as is known to the bank, (iii) any surety for the payment of the mortgaged debt or any part thereof, and (iv) any creditor of the mortgagor who has in a suit for administration of his estate obtained a decree or sale of the mortgaged property, and (b) no payment of such mortgaged money or part thereof, has been made till the expiry of three months after service of the notice. (3) If the Primary Land Development Bank fails to take action against the mortgagor under section 132, section 133 or under this section, the State Land Development Bank may direct it to take appropriate action and where no action is taken by the Primary Land Development bank, the State Land Development Bank, may take such action and where the State Land Development Bank fails to take action, the Trustee may direct it to take such action and where no action is taken thereupon by the State Land Development Bank, the Trustee may take such action.