Recovery of penalties due under bond

When any person in accordance with any provision of this Act, or in compliance with any rule, binds himself by any bond or instrument to perform any duty, or covenants by any bond or instrument that he or his employees and agents will abstain from any act, the whole sum mentioned in such bond or instrument as the amount to be paid in case of a breach of the conditions thereof may, notwithstanding anything in Section 74 of the Indian Contract Act, 1872 (9 of 1872), be recovered from him in case of such breach as if it were an arrear of public demand.