Amendment status not verified — confirm the current text below against the official source.
Power fo require re-payment before due period.-Notwithstanding any other . provision to the contrary in this Act or in the rules made- thereunder or in any agreement, the sanctioning authority or such other authority as may be empowered by Government so to do may, after giving the borrower an opportu- nity to show cause, order the borrower to repay the loan in full or any part of it, with interest, within such time as may be specified in the order under one or more of the following provisions :- (i) if the borrower supplied any· false or misleading information or sup- pressed any fact in obtaining the loan ; {ii) if the borrower fails to comply with the terms and conditions t•nder which the loan has been sanctioned ; (iii) if the sar.ctioning authority is satisfied that the borrower has applied any porti011 of the Joan for purposes other than that for which it was granted ; , (iv) if the borrower has wilfully or by negligence caused material dete- rioration to the assets purchased with or created from the loan ; ot (v) if the sanctioning authority considers it essential to effect immediate recovery. of .the Joan in order to protect the interest of Government.