Clause 13

Where any industrial enterprise which is under a liability to the Board under an agreement makes any default in repayment or otherwise fails to comply with the terms of its agreement with the Board, the Board shall, without prejudice to any other rights or remedies which it may possess under the law, have the right to take over the management of such industrial enterprise, as well as the right to sell and realise the property pledged, mortgaged, hypothecated or assigned to the Board.

Any transfer of property made by the Board in exercise of its powers of sale and realisation under subsection (1) of this section shall vest in the transferee all rights in or to the property transferred as if the sale had been made by the owner of the property.

The Board shall have the same rights and powers with respect to goods manufactured or produced wholly or partly from goods forming part of security held by it, as it had with respect to the original goods.

Where the Board takes over the management of an industrial enterprise under the provisions of subsection (1) of this section, it shall be deemed to be the owner of such industrial enterprise for purposes of suits by or against such industrial enterprise and shall sue and be sued in the name of the owner of such industrial enterprise.