Provided that, no distrait shall be made after the expiry of twelve months from the date on which the installment fell due.

Sale of mortgaged or encumbered property.—

1. (1) Notwithstanding anything contained in the Transfer of Property Act, 1882, the Agriculture and Rural Development Bank or any person authorised by it in this behalf shall, in case of default of payment of mortgage money or loan amount or any part thereof, have power, in addition to any other remedy available to the bank, to bring the mortgaged or otherwise encumbered property to sale by public auction in the village in which such property is situated or at the nearest place of public resort, without the intervention of the Court : Provided that, no action shall be taken under this sub-section and no such power shall be exercised, unless and until—
   • (a) the Agriculture and Rural Development Bank has been previously authorised to exercise the power conferred under this sub-section after hearing the objections, if any, of the debtor or debtors;
   • (b) notice in writing requiring payment of such debt or loan money or part thereof has been served upon,
     • (i) the debtor or each of the debtors;
     • (ii) any person who has any interest in or charge upon such property or upon the right to redeem the same as far as is known to the bank;
     • (iii) any surety for the payment off the debt or loan or any part thereof; and
     • (iv) any creditor of the debtor who has in a suit for administration of his estate obtained a decree for sale of the concerned property; and
   • (c) Default has been made in payment of such debt or loan or part thereof, for three months after service of the notice.
2. (2) Where the Agricultural and Rural Development Bank fails to take action against the defaulter under section 129 or 132 or under this section, the Trustee may take such action. If such action is taken by the Trustee, the provisions of this chapter and of any rules prescribed shall apply in respect thereto, as if all references to the Agriculture and Rural Development Bank in the said provision were references to the Trustees.
3. (3) Notwithstanding anything contained in any other law for the time being in force, it shall be lawful for the Agriculture and Rural Development Bank to purchase any mortgaged or encumbered property sold under this Chapter. 133A. mortgaged or encumbered property of tribal not to be sold to non-tribal at public auction under section 133 — Notwithstanding anything contained in this Act or in any other law for the time being in force, where the mortgaged or encumbered property belongs to a Tribal, it shall not be sold to any non-Tribal bidder at public auction under section 133 or otherwise transferred to a non-tribal under the provisions of this Act.