Where any immovable or movable property mortgaged or encumbered in any other manner to an 11[Co-operative Agriculture and Rural Multipurpose Development Bank] is wholly or partially destroyed, or for any reasons the security or surety is rendered insufficient and the debtor, having been given a reasonable opportunity by the bank to provide further security or surety enough to render the whole security or surety sufficient, or to repay such portion of the loan as may be determined by the bank, has failed to provide such security or surety or to repay such portion of the loan, then the whole of the loan shall be deemed to fall due at once ; and the bank shall be entitled to take action against such debtor under section 132 or section 133 for the recovery thereof.
Explanation.— Security shall be deemed insufficient within the meaning of this section, unless the value of the mortgaged or encumbered property (including improvements made thereon) exceeds the amount for the time being due on the mortgage or encumbrance by such proportion as may be specified in the rules, regulations or the bye-laws of the 12[Co-operative Agriculture and Rural Multipurpose Development Bank.]