Section 15. Mode of recovery

15. Mode of recovery. —If the amount of loan or any instalment thereof or interest thereon which is due, in accordance with the terms of the contract or under the provisions of section 14, has not been repaid, the Administration may,— (a) without prejudice to any other remedy provided by law, recover such loan, instalment or interest as arrears of land revenue, or (b) take charge of the business or industry of the borrower on such terms and conditions as it may deem fit. 3 [ 16. Accounts and audit. —(1) The Administration shall maintain proper accounts and other relevant records and prepare an annual statement of accounts including the profit and loss account and the balance-sheet in such form as may be prescribed by the Central Government in consultation with the Company and Auditor-General of India. (2) The accounts of the Administration shall be audited annually by the Comptroller and Auditor General of India and any expenditure incurred by him in connection with such audit shall be payable by the Administration to the Comptroller and Auditor-General of India. (3) The Comptroller and Auditor-General of India and any person appointed by him in connection with the audit of the accounts of the Administration shall have the same rights, privileges and authority in connection with such audit as the Comptroller and Auditor-General of India has in connection with the 1. The words "or a State" omitted by Act 36 of 1957, s. 3 and the Second Schedule. 2. Subs. by Act 36 of 1953, s. 4, for "ten". 3. Subs. by s. 5, ibid ., for section 16. audit of Government accounts and, in particular, shall have the right to demand the production of books, accounts, connected vouchers and other documents and papers and to inspect any of the offices of the Administration. (4) The accounts of the Administration as certified by the Comptroller and Auditor-General of India or any other person appointed by him in this behalf together with the audit report thereon shall be forwarded annually to the Central Government and that Government shall cause the same to be laid before both Houses of Parliament.]