(1) Notwithstanding anything contained in the Transfer of Property Act, 1882, the Land Development Bank or any person authorised by it in this behalf shell, in case of default of payment of the mortgage money, or any part thereof, have power in addition to any other remedy available to the; bank, to bring the mortgaged ' property to sale by public auction in the village in Which the mortgaged property is situated or at the nearest place of public resort, wi‘hout the intervention of the Court :
Provided that, no action shall be taken under this sub—section and no such power shall be exercised, unless and until— (9,) the Land Development Bank has been previously authorised to exercise the power conferred under this sub-section after hearing the objections, if any, of the mortgagor or mortgagors.
(b) notice in writing requiring payment of such 7.1 ortgage money or part thereof has been served upon—
(i) the mortgagor or each of the mortgagors ;
(ii) any person who has any interest in or charge upon the property mortgaged, or in or upon the right to redeem the same so far as is known to the bank,
(hi) any surety for the payment of the mortgaged debt or any’ part thereof, and
(iv) any creditor of the mortgagor Who has in esuit for administration of his estate obtained a decree for sale of mortgaged property, and
(0) Default has been made in payment of such’fmortgege money or part thereof, for three months after service of the notice.
(2) If the Land Development Bank fails to take action against a defaulter under Section 129 or 132 or under this section the State Land Development Bank may direct the Land Development Bank to take appropriate action, and Where no action is taken either by the State Land Development Bank, or the Land DeVelepment Bank, the Trustee may take such action. If such aetien is taken by the Trustee, the provisions of this Chapter and of any rules preteribed shall apply in respect thereto, as if all references to the Land Development Bank in the said provisions were reference to the Trustee.
(3) Notwithstanding anything contained in any law for the time being in force, it shall be lawfui fer the Ps'in'ary Land Development Bank 01‘ the State Land Development Bank te plzrehase any mortgaged property seld under this Chapter.