31.
Provisions of this Act not to apply in certain
cases.- The provisions of this Act
shall not apply to-
(a) a lien on any goods, money
or security given by or under the Indian
Contract Act, 1872 (9 of 1872) or the Sale
of Goods Act, 1930 (3 of 1930) or any other
law for the time being in force;
(b) a pledge of movables within
the meaning of section 172 of the Indian Contract
Act, 1872 (9 of 1872)
(c) creation of any security
in any aircraft as defined in clause (1) of
section 2 of the Aircraft Act, 1934 (24 of 1934)
(d) creation of security interest
in any vessel as defined in clause (55) of section
3 of the Merchant Shipping Act, 1958 (44 of
1958)
(e) any conditional sale,
hire-purchase or lease or any other contract
in which no security interest has been created;
(f) any rights of unpaid seller
under section 47 of the Sale of Goods Act, 1930
(3 of 1930)
(g) any properties not liable
to attachment or sale under the first proviso
to sub-section (1) of section 60 of the Code
of Civil Procedure, 1908 (5 of 1908)
(h) any security interest
for securing repayment of any financial asset
not exceeding one lakh rupees;
(i) any security interest
created in agricultural land;
(j) any case in which the
amount due is less than twenty per cent. of
the principal amount and interest thereon. |
