Powers of Agricultural Development Bank in case security property is insufficient

Where any property which is subject to a Gehan or mortgage or hypothecation in favour of the Agricultural Development Bank or a primary bank is rendered insufficient and the person who created the Gehan or executed the mortgage or hypothecation, having been given a reasonable opportunity, by the Board or the committee of the primary bank, of providing further security enough to render the whole security sufficient or of repaying such portion of the loan as may be determined by the Board or the committee, has failed to provide such security or to repay such portion of the loan, the whole of the loan shall be deemed to fall due at once and the Board or the committee, as the case may be, shall be entitled to take action against the person who created the Gehan or executed the mortgage or hypothecation under section 16 or section 19 for the recovery thereof.

Explanation.—A security is insufficient within the meaning of this section if the value of the property falls below the amount for the time being due to the Agricultural Development Bank or the primary bank by such proportion as may be specified in the regulations of the Agricultural Development Bank or the bye-laws of the primary bank, as the case may be.