JUDGMENT

S.B. Sinha, J.—The District Land Development Bank (hereinafter referred to as the Bank) situated at Tikamgarh in the State of Madhya Pradesh is a Co-operative Society registered under the Madhya Pradesh Co-operative Societies Act, 1960 (the 1960 Act, for short). Its functions are regulated by M.P. Sahkari Bhoomi Vikas Bank Adhiniyam, 1966 (the 1966 Act, for short). The appellant herein was an agriculturist. He obtained a sum of Rs.6,473.69p. by way of loan from the said Co-operative Society on three different occasions. The break-up of the amount of loan taken by him for three different purposes is as under :

(i) A sum of Rs.1,300/- was taken on 5.5.71; and

(ii) Rs.1,200/- was taken on 5.5.71 for the purpose of purchase of a pumping set; and

(iii)A sum of Rs.3,973.69p. was taken on 25.8.71 for the purpose of construction of well.

2. By way of security of loan so taken, he had mortgaged with the Bank his agricultural holdings comprising in Khasra Nos. 430, 431, 432, 435, 437, 439, 441, 442, 443, 444, 446 and 447 measuring 10.59 acres. Allegedly, he failed to repay the said amount of loan. Recovery proceedings were, therefore, initiated against him by the Bank. On the date