Legal Document View

Unlock Advanced Research with PRISMAI

Integrated with over 4 crore judgments and laws — designed for legal practitioners, researchers, students and institutions

- Know your Kanoon - Doc Gen Hub - Counter Argument - Case Predict AI - Talk with IK Doc - ...
Upgrade to Premium
[Cites 0, Cited by 0] [Section 16] [Entire Act]

Union of India - Subsection

Section 16(9) in The Sugar Development Fund Rules, 1983

(9)
(i)Every disbursement of a loan referred to in sub-rule (7) shall be preceded by a bilateral agreement between the Central Government and the sugar undertaking concerned or, as the case may be, by a tripartite agreement between the Central Government, the sugar undertaking concerned and the [nodal agency so appointed by the Central Government on its behalf] [Substituted vide GSR 599 dated 30.07.2012.]
(ii)The bilateral agreement, or as the case may be, the tripartite agreement referred to in sub-clause (1) shall contain the terms and conditions with regard to the period of repayment including the number and amount of instalments, payment of interest, the manner of such repayment/payment and any other matter incidental to the loan. [omitted] [The words [and shall, as far as possible, be identical to the terms and conditions of the agreement relating to the relevant scheme for modernisation and rehabilitation of the financial institution and all other terms and conditions including rate of interest and the form of agreement for grant of loans shall, as far as possible be on the lines of the terms and conditions of the agreement relating to the said scheme] omitted vide GSR 838(E) dated 14.11.85.]
[(ii-A) and (iii)] Omitted[Inserted vide GSR 599 dated 30.07.2012.]
Deleted vide GSR188(E) dated 9.3.07"The sugar undertaking shall, after the execution of the agreement referred to ill clause (i) above, and before the disbursement of the loan under sub-rule (7), furnish security for the loan to the satisfaction of the Central Government.]"(b) The security shall cover the amount of loan and interest thereon for the full period of repayment as provided ill clause (iv), and shall be furnished in any of the following manners, namely :(1) Bank Guarantee from a Scheduled Bank, or(2) A mortgage or all immovable and movable properties of the sugar undertaking on pari passu charge basis failing which on the basis of an exclusive second charge.]inserted vide GSR 953(E) dated 17.12.03(iii) [ The loan from the Sugar Development Fund will carry a concessional rate of simple interest of [two per cent below the bank rate]substituted vide GSR 687(E) dated 21.10.04for [9 per cent]substituted vide GSR 235(E) dated 24.4.91for "6 per cent" per annum [in respect of the projects approved by a [financial institution or a scheduled bank, as the case may be]substituted vide GSR 558(E) dated 15.9.06for "financial institution" and for the projects sponsored by the Technology Information, Forecasting and Assessment Council [two per cent below the bank rate]inserted vide GSR 687(E) dated 21.10.04for six per cent per annum]inserted vide GSR 27(E) dated 12.1.96In case of any default in repayment of the amount of loan, or payment of any instalment thereof or interest thereon, an additional interest at the rate of two and half percent per annum on the amount of default shall be payable by the sugar undertaking.]deleted vide GSR 188(E) dated 9.3.07.
(iv)[The repayment of loan under this rule together with interest thereon shall commence after the expiry of one year from the date of repayment/ payment of institutional loan and interest thereon in full or on the expiry of [a period of five years reckoned from the date of disbursement of fund loan, whichever is earlier, and loan from the fund along with interest due thereon shall be recoverable in half yearly instalments not exceeding ten.] [Inserted vide GSR 599 dated 30.07.2012.]
[Proviso - omitted] [Omitted vide GSR 599 dated 30.07.2012.]