section 20
Recovery of money due under this Chapter
The Odisha State-Aid to Industries Act, 1978General197839 sections5 chapters
Chapter III Chapter III
Statutory text
- (1) All moneys recoverable under this Chapter including any interest chargeable thereon and costs, if any, incurred, if not paid when they are due, may, on a requisition made by the Director, be recovered from the person aided and his surety, if any, as if they were arrears of public demand.
- (2) Where any money is paid to the State Government by a surety, the Director shall, on the request of the surety, as far as possible, recover the same from the person aided for the benefit of the surety.
- (3) Where any industrial concern under liability to the State Government makes any default in the matter of its payment of any loan or advance, or instalment thereof or otherwise fails to comply with the terms of the agreement, the Director, with a view to safeguarding the interest of the Government and security of the Government dues, and after giving reasonable notice to the parties in default, shall, subject to the control of the State Government, have the right to take possession of the assets or take over the management of the industrial concern as also the right to transfer by way of lease or sale the property pledged, mortgaged, hypothecated or assigned to the State Government and to realise the dues of the State Government: Provided that where the management of any industrial concern is taken over by the Director, he shall be deemed to be the owner of the concern for the purposes of suit by or against the concern and shall sue and be sued in the name of the concern.
- (4) Any transfer of property made by the Director in exercise of his powers under sub-section
- (3) shall vest in the transferee all rights in or to the property transferred as if the transfer had been made by the owner of the property.
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