Section 23 in Jharkhand Industrial Area Development Authority Regulations, 2016
23. Mortgage Rights.
- i. Mortgage of leasehold right on land in favor of nationalized and scheduled Banks or any other financial institution in any sector for financing the project on the allotted plot shall be permissible with prior written consent of the Chief Executive Officer of the region only for the project duly cleared by PCC on the allotted plot and where time limit for bringing the unit to production exists.ii. The application for consent of the Chief Executive Officer for mortgage of leasehold in favor of nationalized or scheduled banks shall be disposed within 15 days from the date of submission of application.iii. In case of mortgage, the Authority shall have the first charge on the assets/property (built space/shed) towards transfer charges, extension charges, lease rent interest and any other dues, taxes, charges etc. payable to Jharkhand Industrial Area Development Authority from time to time.iv. The lessee/allottee shall submit to Jharkhand Industrial Area Development Authority application for grant of consent to mortgage along with consent/commitment letter from the financial institution to the effect that financial institution shall make the finance available to the allottee.v. The Mortgage lease hold right in a plot / shed auctioned by the Bank / financial institution / statutory authorities may also be considered for regularization by Chief Executive Officer of the region in favor of the successful bidder identified by Bank / financial institution for substitution on payment of transfer fee 15% in case of MSME or 25% in case of others of lease premium of land from the successful bidder at the rate prevalent in Jharkhand Industrial Area Development Authority and other charges prevalent at the time of consideration along with all the dues of Jharkhand Industrial Area Development Authority.
