133. Sale of mortgaged property.- (1) Notwithstanding anything contained in the Transfer of Property Act, 1882, the Agriculture and Rural Development Bank or any person authorised by it in this behalf shall, 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, without 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 -
(a) the Agriculture and Rural Development Bank has been previously authorised to exercise the power conferred under this sub-section after hearing the objections, if any, of the mortgager or mortgagors, (b) notice in writing requiring payment of such mortgage money or part thereof has been served upon -
(i) the mortgager 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 as far as it known to the bank,
(iii) any surety for the payment of the mortgaged debt or any part thereof, and
(iv) any creditor of the mortgager who has in a suit for administration of his estate obtained a decree for sale of mortgaged property, and
(c) default has been made in payment of such mortgage money or part thereof, for three months after service of the notice.
(2) Where Agriculture and Rural Development Bank fails to take action against a 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 Agriculture and Rural Development Bank in the said provision were references to the Trustee.
(3) Notwithstanding anything contained in any law for the time being in force, is shall be lawful for a primary Agriculture and Rural Development Bank to purchase any mortgaged property sold under this Chapter.
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