Section 45 in The National Capital Region Planning Board Rules, 1985
45. Default in payment.
(1)The loan sanctions in all cases and the agreement in the case of local authorities, urban development authorities, housing boards and such other authorities should invariably include a provision for the levy of penal interest on over-due instalments of interest or principal and interest. The loan-sanctions and agreements in the case of local authorities, urban development authorities, housing boards and such other authorities of State Governments and Union territory administration should invariably stipulate a higher rate of interest and provide for lower rate of interest in the case of punctual payments. The penal or the higher rate of interest, as the case may be, shall not, except under special orders of the Board, be less than 2 ½ per cent per annum above the normal rate of interest specified by the Board from time to time for the loans advance.(2)Any default in the payment of interest upon a loan or in the repayment of principal, shall be promptly reported by the officer in charge of accounts to the Board.
