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2018 (8) TMI 741 - SC - Indian LawsSecurity interest in agricultural land - Validity of proceedings under the SARFAESI Act, 2002 - applicability of act to agricultural land - Held that:- The expression ‘security interest’, both before and after the amendment, excludes what is specified in Section 31. Clause (i) of Section 31 stipulates that the provisions of the Act will not be applicable to any security interest created in agricultural land. The statutory dictionary in Section 2 does not contain a definition of the expression “agricultural land”. Whether a particular piece of land is agricultural in nature is a question of fact. The classification of land in the revenue records as agricultural is not dispositive or conclusive of the question whether the SARFAESI Act does or does not apply. Whether a parcel of land is agricultural must be deduced as a matter of fact from the nature of the land, the use to which it was being put on the date of the creation of the security interest and the purpose for which it was set apart. In the absence of a specific finding, it would be appropriate and proper to set aside the judgment of the High Court and to remit the proceedings for being considered afresh - matter restored.
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