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SARFAESI-Mere classification of a property in the revenue records cannot decide the nature of land

In INDIAN BANK vs K PAPPIREDDIYAR, a three judge bench of the Supreme Court while referring to the decision of the court in ITC Limited v Blue Coast Hotels Limited, held that 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.  The question as to whether the land is agricultural has to be determined on the basis of the totality of facts and circumstances including the nature and character of the land, the use to which it was put and the purpose and intent of the parties on the date on which the security interest was created. 

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