Amendment status not verified — confirm the current text below against the official source.
Recovery of certain dues as arrears of land revenue.- (1) Where any person is party,- (A) to any agreement relating to a loan, advance or grant given to him or relating to credit in respect of, or relating to hire-purchase of goods sold to him by the State Government or the Corporation, by way of financial assistance; or (B) to any agreement relating to a loan, advance or grant to him or relating to credit in respect of or relating to hire-purchase of, goods sold to him by a banking company or a Government company, as the case may be, under a State sponsored scheme; or (C) to any agreement relating to a guarantee given by the State Government or the Corporation in respect of a loan raised by an industrial concern; or (D) to any agreement providing that any money payable thereunder to the State Government shall be recoverable as arrears of land revenue; and such person,- (a) makes any default in payment of the loan or advance or any instalment thereof; or 5 (b) having become liable under the conditions of the grant to refund the grant or any portion thereof, makes any default in the refund of such grant or portion or any instalment thereof; or (c) otherwise fails to comply with the terms of the agreement, then,- (i) in the case of the State Government, such officer as the State Government may by notification authorise in this behalf; (ii) in the case of a Corporation or a Government Company, the Managing Director thereof; and (iii) in the case of banking company, the local agent thereof by whatever name called, may, send a certificate to the Deputy Commissioner, mentioning the sum due from such persons and requesting that such sum together with the cost of the proceedings and future interest at the 1[agreed rate within the limits prescribed by the Reserve Bank of India and other Government Financing or Re-financing institutions from time to time]1 upto the date of recovery be recovered as if it were arrear of land revenue. A certificate sent to the Deputy Commissioner may be withdrawn at any time.