(1) No property referred to in section 11 shall be liable to be attached, sold, or made subject to a charge by any court, whether in execution of a decree or order or otherwise, unless the person seeking such relief from the court has obtained the written permission of the sanctioning authority to do so and files such permission in court.
(2) When granting such permission, the sanctioning authority may impose such conditions as it may deem fit to secure, the proper repayment of the loan or grant together with any interest chargeable thereon and cost, if any incurred.
(3) If any such property is attached or sold or a charge is created thereon, by any court without the permission of the sanctioning authority having been obtained and filed as aforesaid, or if any condition imposed by the sanctioning authority when granting such permission is contravened, then, the attachment, sale or charge, as the case may be, shall be null and void.
Inspection and returns
13. In any case in which a loan has been applied for under this Act, the applicant, and at any time during the currency of a loan that has been granted under it, the grantee, shall be bound— 509
(a) to comply with any general or special order of the Government relating to the inspection of the premises, buildings or plant or stock in hand of the industrial business or enterprise;
(b) to permit the inspection of all accounts relating to the industrial business or enterprise;
(c) to furnish full returns of all products manufactured or sold both as regards description and quantity;
(d) to maintain such special accounts or to furnish such statements as the Government may, from time to time, require;
(e) to submit the accounts of the industrial business or enterprise to such audit as the Government may prescribe;
(f) to train such number of apprentices for such period as may be directed by the Government.
Control of business assisted
14. In any case in which a loan or loans is or are granted under this Act amounting to rupees two lakhs or upwards, the Government shall, and in any other case may, by the appointment of Government Directors or otherwise, take power to ensure such control over the conduct of the business or enterprise as shall suffice in their opinion to safeguard their interests.
Repayment of loans