Special Provisions for enforcement of claims of the Corporation
[34. (1) Notwithstanding anything contained in any other law for the time being in force or any agreement to the contrary, where the Corporation becomes entitled to require the immediate payment of any loan before the due date by reason of the breach of any condition of any agreement between the Corporation and a borrower, or any borrower liable for payment of that loan fails to repay the loan by the due date, or a certificate under section 33 has been issued and is subsisting against a borrower, an officer of the Corporation, generally or specially authorised by the Corporation in this behalf, may, with a court fee of one taka, apply to the District Judge within the local limits of whose jurisdiction the borrower's house or the industrial concern in respect of which the loan was made or any immovable or movable property charged as security is situated, or the office of the Corporation from which the loan was disbursed or any branch office of the Corporation is situated, for one or more of the following reliefs, namely:-
(a) an order for the sale of the property pledged, mortgaged, hypothecated or assigned to the Corporation as security for the loan and such other property of the borrower or his surety or both as in the opinion of the Corporation may be sufficient to cover the claim of the Corporation against the borrower; or
(b) transfer of the management of the concern to the Corporation; or
(c) an ad interim injunction restraining the borrower or his surety or both from removing, transferring or disposing of any of the properties referred to in clause (a).
(2) An application under sub-section (1) shall state the nature and extent of the liability of the borrower to the Corporation, the ground on which it is made and such other particulars as may be prescribed.
(3) When the application is for the relief mentioned in clause (a) or clause (c) of sub-section (1), the District Judge shall pass an ad interim order attaching the property referred to in clause (a) as aforesaid or such other property of the borrower or of the persons liable for payment of the loan or of both as is likely in the opinion of the District Judge, would be sufficient to meet the dues of the Corporation together with the costs of the proceedings taken under this section, with or without an injunction ad interim restraining the borrower or as the case may be, his surety or both from transferring, removing or disposing of any of the properties without the consent of the Corporation.
(4) Where the application is for relief mentioned in clause (b) of sub-section (1), the District Judge shall grant an ad interim injunction restraining the borrower or as the case may be, his surety or both from transferring, removing or disposing any of the properties and shall issue a notice calling upon the borrower or as the case may be upon the surety or both into show-cause, on a date to be specified in the notice why the management of the concern should not be transferred to the Corporation.
(5) Before passing any order under sub-section (3), or sub-section (4), the District Judge may, if he thinks fit, examine the person making the application.
(6) At the time of passing an order under sub-section (3), the District Judge shall issue to the borrower or as the case may be, his surety or both, a notice accompanied by a copy of the order, the application and evidence, if any, recorder at the time of the order under sub-section (3), calling upon the borrower and his surety to show-cause on a date to be specified in the notice, why the order of ad interim attachment should not be made absolute or the injunction be not confirmed.
(7) If no cause is shown on or before the date specified in the notice under sub-section (4) or sub-section (6), the District Judge shall forthwith make an order directing transfer of the management of the concern to the Corporation, or sale of the property attached under sub-section (3), or confirm the interim Orders.
(8) If cause is shown, the District Judge shall proceed to investigate the claim of the Corporation and the provisions of the Code of Civil Procedure, 1908
, shall, as far as practicable, apply to such proceedings.
(9) On completing an investigation under sub-section (8) the District Judge shall pass an order-
(a) Confirming the order of attachment or directing the sale of the attached property, or
(b) varying the order of attachment so as to release a portion of the property from attachment and directing the sale of the remainder of the attached property, or
(c) releasing the property from attachment, if he is satisfied that it is not necessary in the interest of the Corporation to retain it under attachment, or
(d) confirming or vacating the order of injunction, or
(e) transferring or refusing to transfer to management of the concern to the Corporation:
Provided that when making any order under clause (c), the District Judge may make such further orders as he thinks necessary to protect the interests of the Corporation and may apportion the cost of the proceedings in such manner as he thinks fit:
Provided further that unless the Corporation intimates to the District Judge that it will not appeal against any order releasing any property from attachment such order shall not be executed until the expiry of the period mentioned in sub-section (11) or if an appeal is preferred, unless the [High Court Division] otherwise directs, until the appeal is disposed of.
(10) An order under this section for the attachment or sale of property shall be carried into effect as far as may be in the manner provided in the Code of Civil Procedure, 1908
, for the attachment or sale of property in execution of a decree as if the Corporation were the decree-holder.
(11) Any party aggrieved by an order under sub-section (7) or sub-section (9) may, within sixty days from the date of the order, appeal to [High Court Division] and upon such appeal the appellate court may, after hearing the parties, pass such orders as it thinks proper.]