Recovery of dues of bank through prescribed authority.

Finance197425 sections6 chapters

Chapter IV Arrangements for recovery of dues by banks

Statutory text

(1) An officer designated by the State Government as the prescribed authority for the purpose of this section may, on the application of a bank, after making such inquiry as he deems fit, make an order on any agriculturist or his heirs or legal representatives, directing the payment of any sum due to the bank on account of financial assistance availed of by the agriculturist, by the sale of any land (or interest therein) upon which the payment of such money is charged or mortgaged : Provided that, no order shall be made by the prescribed authority under this section for the sale of any land (or interest therein) or any other immovable property upon which the payment of money is charged or mortgaged, unless the agriculturist or the heirs or legal representative of the agriculturist, as the case may be, have been served with a notice by the prescribed authority, calling upon them to pay the amount due.
(2) Every order passed by the prescribed authority under sub-section (1) shall be deemed to be a decree of a Civil Court and shall be executed in the same manner as a decree of such Court.
(3) Nothing in this section shall debar a bank from seeking to enforce its rights in any other manner under any other law for the time being in force.

Study data processing for this section.

PDF: pending for this language.