Section 44 in The National Capital Region Planning Board Rules, 1985
44. Payment in instalments and moratorium.
- When a loan is released in instalments, each instalment of the loans so drawn shall be treated as a separate loan for purposes of repayment of principal and payment of interest thereon except where the previous instalments drawn during a financial year are, for this purpose, allowed to be consolidated into a single loan as at the end of that particular financial year. In the latter event, simple interest at the specified rate on the various loan instalments from the date of drawal of each instalment to the date of their consolidation shall be separately payable by the borrower. Repayment of each loan or the consolidated loan, as the case may be, and the payment of interest thereon shall be arranged by the borrower annually on or before the anniversary date of drawal or consolidation of the loan in such number of instalments as the Board may specify. The Board may allow, in deserving cases, a moratorium towards repayment of principal but not for the payment of interest. But should it appear that there is an undue delay on the part of the debtor in taking out the last instalment of a loan, the Board may at any time declare the loan closed and order repayment of capital to begin. The Officer in charge of accounts of the Board shall bring to the notice of the Board any delay that appears to him to require this remedy and he shall take this step whether there are any dates fixed for taking of instalments or not.
