Where any amount or any instalment thereof payable to the Company

under this Act is not paid on the date when it becomes due—

1. (a) and the claim is not disputed, the Company Officer may send to the Collector a note under his hand indicating therein the sum which is due to the Company or is claimed by the Company, as the case may be, and thereupon, the Collector shall recover the sum due or claimed as arrears of land revenue;
2. (b) and the claim is disputed, it shall be referred to an officer authorised in this behalf by the State Government for the purpose; and such officer shall after making such inquiry as he deems fit, and after giving to the person by whom the amount is alleged to be payable an opportunity of being heard, decide the question; and the decision of such officer shall be final; and there- upon the amount, if any, determined to be due to the company may be reco- vered in the manner provided under clause
3. (a) as if the claim is not disputed. 15C.

1. (1) Notwithstanding anything contained in this Act, where any work under any scheme is to be carried out or is completed by the Company, by use of the funds borrowed by it from any scheduled bank and in consequence a charge is created upon any land in favour of the Company under the section 15A all the rights and liabilities of the Company for recovery of cost (including interest) of the said work or of any part thereof, with the priority therefor under section 15-A, shall stand transferred to and vest in the scheduled bank—
   • (a) upon the Company notifying an interim or final statement under sub- section (13A) and notifying the same to the scheduled bank from which the funds are borrowed by the Company; or
   • (b) upon such bank notifying to the Company its acceptance of all owners or any of the owners named in the statement as its debtors, instead of being debtors of the Company: Provided that, where the scheduled bank does not accept all the owners but accepts only some of the owners, named in the statement as its debtors, then the rights and liabilities of the Company, with the priority therefor, in respect of lands of only those owners who are accepted as its debtors by the scheduled bank shall stand transferred to and vest in the scheduled bank.
2. (2) On such transfer, the Company shall inform the owners concerned of the same, and then the amount shown in the interim or final statement, as the case may be, as recoverable against each owner, who is accepted as its debtor by the scheduled bank, shall be paid by the respective owner to the scheduled bank on due date in such instalments, and with interest at such rate, as may be specified in the statement.
3. (3) Where the rights and liabilities of the Company, in respect of any owners are transferred to and vest in a scheduled bank, the bank shall give an intima- tion to the talati, or such revenue officer as may be designated by the State Government in this behalf, of the particulars of the lands and the names of such owners and of the charges or mortgage created thereon in its favour. The talati or designated officer shall show in the record of rights or, where there is no record of rights, in the prescribed village record and in the village accounts the name of the bank as the mortgagee of the lands and make a note of the charges created or mortgage given. The bank shall likewise give an intimation to the talati or designated officer as soon as the whole amount due from any owner ceases to be outstanding, and thereupon the talati or the designated officer shall make a suitable notice in the record of rights or the village record and accounts about release of the land from the charges or mortgage, as the case may be.
4. (4) The provisions of sections 15A and 15B shall apply mutatis mutandis to any amount or instalment thereof payable by any owner of land to any scheduled bank under this section, as if references in those sections to the Company and the Company Officer were references to the scheduled bank and such bank officer, respectively. Explanation.—For the purposes of this section "scheduled bank" means a bank included in the Second Schedule to the Reserve Bank of India Act, 1934 and "bank officer", in relation to such bank means any officer of such bank duly appointed by it for the purposes of this Act.". 14. Amendment of section 16 of Born. XXVIII of 1942