(1) Notwithstanding anything contained in the Transfer of Property Act, 1882 (IV of 1882), the 12[Co-operative Agriculture and Rural Multipurpose 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 :
1 These words were substituted for the words “Agriculture and Rural Development Bank” by Mah. 41 of 2005, s. 8.
2 Short title of the Act has been amended as “the Maharashtra Tenancy and Agricultural Lands Act” by Mah. 24 of 2012, s. 2 & 3, schedule, entry 33, with effect from the 1st May 1960.
3 These words were inserted by Mah. 5 of 1990, s. 14(a).
4 This Explanation was added by Mah. 5 of 1990, s. 14(b).
5 These words were substituted for the words “Agriculture and Rural Development Bank” by Mah. 41 of 2005, s. 8.
6 These words were substituted for the words “Development Banks” by Mah. 41 of 2005, s. 8.
7 These words were substituted for the words “Agriculture and Rural Development Bank” by Mah. 41 of 2005, s. 8.
8 These words were substituted for the words “Agriculture and Rural Development Bank” by Mah. 41 of 2005, s. 8.
9 Section 132 was substituted for the original by Mah. 5 of 1990, s. 15.
10 These words were substituted for the words “Agriculture and Rural Development Bank” by Mah. 41 of 2005, s. 8.
11 Section 133 was substituted for the original by Mah. 5 of 1990, s. 16.
12 These words were substituted for the words “Agriculture and Rural Development Bank” by Mah. 41 of 2005, s. 8.
1961 : Mah. XXIV] The Maharashtra Co-operative Societies Act, 1960 103
Provided that, no action shall be taken under this sub-section and no such power shall be exercised, unless and until—
(a) the 1[Co-operative Agriculture and Rural Multipurpose Development Bank] has been previously authorised to exercise the power conferred under this sub-section after hearing the objection 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 or the payment of 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) Where the 2[Co-operative Agriculture and Rural Multipurpose 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 3[Co-operative Agriculture and Rural Multipurpose Development Bank] in the said provision were references to the Trustee.
(3) Notwithstanding anything contained in any other law for the time being in force, it shall be lawful for the 4[Co-operative Agriculture and Rural Multipurpose Development Bank] to purchase any mortgaged or encumbered property sold under this Chapter.]