Amendment status not verified — confirm the current text below against the official source.
(I) Where any person is ty— Recovery of a) y p is a party certain dues . , as arrear (a) to any agreement, relating to a loan, advance or grant given, land cl or relating to credit in respect of , or relating to hire-purchase of goods sold by the State Government, a banking company, a Corporation or a Government company, as the case may be, under a State sponsored scheme ; or (b) to any agreement relating to a guarantee given by the State Government, a banking company, a Corporation or a Government company in respect of a loan raised by an Industrial Concern ; or (c) to any agreement providing that any money payable thereunder to the State Government shall be recoverable as an arrear of land revenue ; and such person — (1) makes any default in repayment of the loan or advance or any instalment thercof ; or (if) having become liable under the conditions of the grant to refund the grant or any portion thercof, makes any default in the refund of such grant or any portion thereof ; or (iii) otherwise fails to comply with the terms of the agreement ; then in the case of the State Government, such officer as may be authorised in that behalf by the State Government by notification, and in the case of a banking company, a Corporation or a Government Company, the Managing Director thereof, by whatever name called, may send a certificate to the Collector mentioning the sum due from such person and requesting that such sum together with costs of the proceedings be recovered as if it were an arrear of land revenue. (2) A certificate sent under sub-section (7) shall be conclusive proof of the matter stated therein and the Collector on receiving such certificate shal proceed to recover the amount stated thercin as an arrear of land revenue. (3) Where the property of any person referred to in sub-section (1) is subject to any mortgage, charge, pledge or other encumbrance in favour of the State Government, a banking company, a Corporation or a Govern- ment company, as the case may be , then— (a) in every case of a pledge of goods, proceedings shall first be taken for the sale of goods so pledged and if the proceeds of such sale are less than the sum due , then proceedings shall be taken for recovery of the balance : Bar of suits. Collection charges, Saving 4 PUNJAB GOVT GAZ. (EXTRA.), APRIL 16, 1985 (CHTR. 26, 1907 SAKA) Provided that where the State Government is of opinion that it is necessary so to do for safeguarding the recovery of the sum due to it, a banking company, a Corporation or a Government com pany, as the case may be. it may for reasons to be recorded in wri ting direct proceedings to be taken for recovery of the sum due before or at the same time as the proceedings are taken for sale of the goods pledged ; (b) in every case of a mortgage, charge or other encumbrance on immovable property, such property or, as the case may be, the interest therein of the person referred to in sub-section (/) shall first be sold in proceedings for recovery of the sum due from that person and any other procccdings may be taken only if the Collector certifies that there is no prospect of realisation of the sum due through the first mentioned process within a reasonable time.