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30. Power to call for repayment before agreed period.-

Notwithstanding anything contained in any agreement to the contrary, the Board may, by notice in writing, require any person to which the National Dairy Development Board or the society or the dissolved company has granted any loan or advance, to discharge forthwith in full, its liabilities to the Board,-

(a) if it appears to the Board that any false or misleading information in any material particular was given in the application for the loan or advance; or

(b) if the person has failed to comply with the terms of its contract in the matter of the loan or advance; or

(c) if there is a reasonable apprehension that the person is unable to pay his debts or that proceedings for liquidation may be commenced in respect thereof; or

(d) if the property pledged, mortgaged, hypothecated or assigned as security for the loan or advance is not insured and kept insured by the person to the satisfaction of the Board (or depreciates in value to such an extent that, in the opinion of the Board, further security to the satisfaction of the Board should be given and such security is not given after demand); or

(e) if, without due permission, any machinery, plant or other equipment (whether forming part of security or not) is removed from the concerned premises without being replaced; or

(f) if it appears to the Board that any condition in the loan agreement relating to the supply of goods or implementation of the project is being substantially violated; or

(g) if, for any other reason, the Board considers it necessary so to do for protecting the interests of the National Dairy Development Board.

National Dairy Development Board Act, 1987 Back

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