Section 51 in Bihar Sugarcane (Regulation of Supply and Purchase) Act, 1981
51. Rate of interest in respect of certain dues.
(1)The rate of interest realizable from the occupier of a factory under rate of interest realizable from the occupier of a factory under section 43, 44, 48 or 49 or from any other person under section 44 shall be eleven per centum per annum.Provided that the rate of interest specified in this sub-section shall be deemed to have been increased or decreased by the margin of increase or decrease in the existing bank rate (standard rate) referred to in section 49 of the Reserve Bank of India Act, 1934 (2 of 1934)(2)The rate of interest payable to the occupier of a factory under section 50 shall be the rate of interest paid by such occupier to any bank for advances on the pledge of sugar or otherwise.Provided that where the occupier of a factory is paying interest to one or more banks at different rates, the rate payable to him under this sub-section shall be the lowest of such rates.(3)Where the State Government is satisfied that the occupier of a factory is spending the funds of the factory for a purpose other than the purpose of the factory, it may, by notification in the official Gazette and after giving an opportunity of being heard to such occupier, enhance the rate of interest payable, by the occupier of the factory under sub-section (1).
