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The Oil Industry (Development) Act, 1974

8. Power to call for repayment before agreed period.

Notwithstanding anything in any agreement to the contrary, the Board may, by notice in writing, require any oil industrial concern or other person to which or to whom it has rendered any assistance to discharge forthwith in full its or his liabilities to the Board-

  1. if it appears to the Board that false or misleading information in any material particulars was given in the application for such assistance; or
  2. if the concern or other person has failed to comply with the terms of its or his contract with the Board in the matter of such assistance; or
  3. 198.if there is a reasonable apprehension that the concern or other person is unable to pay its or his debts or that proceedings for liquidation or in insolvency may be commenced in respect of such concern or person; or
  4. if the property pledged, mortgaged, hypothecated or assigned to the Board as security is not insured and kept insured by the concern or other 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; or
  5. if, without the permission of the Board, any machinery, plant or other equipment (whether or not forming part of the security), is removed from the premises of the concern or other person without being replaced; or
  6. if for any reason it is necessary to protect the interests of the Board.

Oil Industry (Development) Act, 1974 Back

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