Mortgages not to be questioned on insolvency of mortgagors

Notwithstanding anything contained in the Provincial Insolvency Act, 1920 or any corresponding law for the time being in force, a mortgage, executed in favour of a co-operative land development bank, shall not be called in question in any insolvency proceedings on the ground that it was not executed in good faith for valuable consideration, or on the ground that it was executed in order to give the bank a preference over other creditors of the mortgagor.