SARFAESI Act applicable to lands growing plantation crops, will not get exemption available to 'agricultural lands': Karnataka High Court

The Court ruled that the expression 'agricultural land' in Section 31(i) of the SARFAESI Act, does not include land on which plantation crops are grown namely, cardamom, coffee, pepper, rubber and tea.
Justice B.V.Nagarathna, Justice Nataraj Rangaswamy
Justice B.V.Nagarathna, Justice Nataraj Rangaswamy

The Karnataka High Court recently held that the expression 'agricultural land' in Section 31(i) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) does not include land on which plantation crops such as cardamom, coffee, pepper, rubber and tea are grown (UM Ramesh Rao v. Union Bank of India).

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