B SUBA ALIAS PANDIAMMAL Vs. AUTHORIZED OFFICER,

JUDGEMENT

(1.) Heard the learned counsel appearing on behalf of the petitioner, as well as the learned counsel appearing on behalf of the respondent.

(2.) The petitioner has stated that she is owning one acre and three cents of agricultural land, in Survey No.421/1B2, in Avaniyapuram Village, Madurai District. She had purchased the said land, by way of sale deed, vide document No.10044 of 2007, on the file of the office of the Sub-Registrar, Joint-IV, Madurai, dated 21.09.2007. It has been further stated that the petitioner had given the land in question, on lease, to the third parties, for cultivation. Due to a dispute regarding the tenancy, the matter is pending before the Tashildar, (South) Madurai, in T.R.No.4/12/B2.

(3.) It has been further stated that M/s.Miracle Garments, a partnership firm, had obtained a loan of Rs.86/- Lakhs, from the corporation bank, Tiruppur, during the year, 2009. The petitioner stood as a guarantor, for the said loan, by offering her land, as security. While so, the loan account had been taken over by the respondent bank. On 05.06.2012, the respondent bank, had issued a notice, under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, (herein after referred to as 'the Act'). Thereafter, the petitioner had explained to the respondent Bank stating that the land in question is an agricultural land and therefore, it would not come under the purview of the provisions of the Act.