Section 3 in The West Bengal Employment Scheme Loans (Recovery) Act, 1976
3. Recovery of arrears of term loan as a public demand. -
Notwithstanding anything contained in any law for the time being in force or in any agreement, any amount due to a bank or a financial institution from an entrepreneur in respect of the term loan shall, apart from any other mode of recovery, be recoverable as an arrear of land revenue under the Bengal Public Demands Recovery Act, 1913.Explanation. - The provisions of this section shall also apply to any amount advanced by way of term loan before the date on which this Act comes into force and remaining unpaid on such day.
