VASANTI A.NAIK, SWAPNA JOSHI
Bank of Maharashtra – Appellant
Versus
Additional District Magistrate Office of District Magistrate at Nagpur – Respondent
Mrs. Swapna Joshi, J.
Rule. Rule made returnable forthwith. The petition is heard finally at the stage of admission, with the consent of the learned counsel for the parties.
2. By this Writ Petition, the petitioner-Bank has impugned the order dated 14th August, 2015 passed by the respondent no.1/ Additional District Magistrate in Revenue Case No.113/2014, thereby declaring that the property of which possession is to be taken, is an 'agricultural land' and rejecting the claim of the petitioner-Bank to secure possession of the land mortgaged with the petitioner-Bank and closing the case, in view of the provisions of Section 31(i) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act,2002 (hereinafter referred to as the 'Securitisation Act' for the purpose of brevity).
Some of the relevant facts for the purpose of deciding the instant petition, are as under :
3. On 4.10.2010, the respondent no.1 Company was granted the term loan of Rs. 70 crores and cash credit limit of Rs. 5 crores for doing the business of Dairy Farm. On 1.11.2010 the respondent no.2 Company, in consideration of the said term loan and cash credit limit, executed
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