(1) Where any person, in breach of any agreement, makes any default in the repayment of any loan or advance or any instalment thereof (or in meeting its obligations in relation to the guarantee given by the National Dairy Development Board) or otherwise fails to comply with the terms of agreement with the Board or where the Board requires any person to make immediate repayment of any loan or advance under section 30 and the person fails to make such repayment, then, without prejudice to the provisions of section 69 of the Transfer of Property Act, 1882 (4 of 1882), any officer of the National Dairy Development Board, generally or specially authorised by the Board in this behalf, may apply to the court for one or more of the following reliefs, namely:--
(a) for an order for the sale of the property pledged, mortgaged, hypothecated or assigned to the National Dairy Development Board as security for the loan or advance; or
(b) for transferring the management of any organisation to the National Dairy Development Board; or
(c) for an ad interim injunction where there is apprehension that the machinery or other equipment is being removed from the premises of the organisation without due permission.
(2) The procedure for making an application under sub-section (1) and for the disposal thereof shall be such as may be prescribed.