Mode of recovery

If the amount of loan or any instalment thereof or interest therein which is due, in accordance with the terms of the bond or under the provisions of section 9, has not been repaid the Controlling Authority may,—

1. (a) without prejudice to any other remedy provided by law, recover such loan, instalment or interest as arrears of land revenue, or
2. (b) take charge of the business or industry of the borrower on such terms and conditions as it may [deem fit; or]1 [(c) take over, in whole or in part, the assets acquired with loan on such terms and conditions as may be determined by the State Government.]2