Power to make recovery or to take over assets

If the borrower fails to re-pay any amount of the loan or to pay any interest thereon under the terms and conditions of the loan or under the provisions of Section 9, the Collector may without prejudice to any other method of recovery- (a) recover as arrears of land revenue such loan, instalments, interest or any cost incurred in recovering the loan with interest and also incidental expenses incurred in issuing the loan; and (b) take over in whole or in part, the assets acquired with the loan on such terms and conditions as may be determined by the State Government.