MODE OF RECOVERY OF LOAN

If the amount of loan or any instalment thereof or any interest thereon which has become due to the Board in accordance with the terms of the contract or under the provisions of this Act, has not been re-paid, then:-

1. (a) Without prejudice to any other remedy provided by law, such loan instalment or interest may be recovered as arrears of land revenue, or.
2. (b) Where such loan was taken for the purposes of trade business or industry, the Board may, subject to such rules as may be made in this behalf by the State Govt. take charge of the trade, business or industry of the person on such terms and conditions as may be agreed upon.