In Brief
The Supreme Court considered whether the SARFAESI Act applies to agricultural land. A bank mortgaged 6.10 acres claimed to be agricultural. The High Court held the land was exempt because it was agricultural. The Supreme Court held that revenue record classification alone is not conclusive. Whether land is agricultural depends on its actual character, use at the time of mortgage creation, and the parties' intent. Following Blue Coast Hotels, the Court held the SARFAESI Act can apply to land in revenue records as agricultural if used and intended for non-agricultural purposes. The appeal was allowed and the case remitted to the High Court for fresh consideration on facts.">
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