Legal Question in Banking Law in India
What is definition of agrlicultre land under sarfaesi act
Asked on 8/07/10, 3:27 am
1 Answer from Attorneys
AMAN SHARMA
SHUBH C SHARMA and company
well agricultural land has not been defined under said act. But it depends on case to case like the type of loan facility, use of loan facility and colletral security. Somewhere in 1966 or 69 andhra pradesh high court took very broad view of agriculture land.. But recently chennai high court observed that loan taken for non-agriculture activity on a barren land which is claimed to be agricultural by defaulter subsequently cannot be consider as agricultural and also u need to produce documentry evidences for it... I hope this will solve ur purpose.for details u can mail me.
Answered on 8/07/10, 12:04 pm
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