Section 14A in Bihar Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Rules, 2005
14A. If the Mortgagor/Mortgagors is/are found to have failed in utilising the amount for the construction of house as specified in the mortgage deed within the prescribed period, the mortgagee is entitled to realise the entire loan amount plus other charges with interest in a lump after the issuance of a registered notice directing to pay the amount within a period of 30 days.
(a)If the Mortgagor/Mortgagors repay the amount due in lump-sum within the stipulated period the mortgage deed shall be released.(b)If the Mortgagor/Mortgagors fails/fail to repay the amount due within the period of 60 days as stipulated above the mortgagee will have the right to take step to realise the entire dues to the Board in lump. In addition to that a penalty not exceeding 5% of the loan amount actually received by the loanee or Rs. 1000/-(Rupee One thousand only). Whichever is higher shall also be realised from the Mortgagor/Mortgagors.
