In Brief
Indian Bank sought to enforce a security interest in 6.10 acres of land used for a dairy farm after the borrower defaulted on a loan. The High Court dismissed the bank's proceedings, holding that because the land was recorded as agricultural in revenue documents, the SARFAESI Act (which exempts agricultural land) did not apply to it. The Supreme Court allowed the appeal, holding that classification in revenue records is not conclusive; whether land is agricultural depends on its actual character, use, and the parties' intent when the security interest was created. The Court remitted the matter to the High Court for fresh consideration of the factual question of whether the dairy farm land was genuinely agricultural.
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