Notwithstanding anything to the contrary contained in any agreement, the National Housing Bank may, by notice in writing, require any borrowing 1[institution] to discharge forthwith in full its liabilities to the National Housing Bank--
(a) if it appears to the Board that false or misleading information in any material particular was given in the application for the loan or advance; or
(b) if the borrowing 1[institution] has failed to comply with any of the terms of the agreement with the National Housing Bank in the matter of the loan or advance; or
(c) if there is a reasonable apprehension that the borrowing 1[institution] is unable to pay its debts or that proceedings for liquidation may be commenced in respect thereof; or
(d) if for any reason, it is necessary so to do to protect the interests of the National Housing Bank.
(a) if it appears to the Board that false or misleading information in any material particular was given in the application for the loan or advance; or
(b) if the borrowing 1[institution] has failed to comply with any of the terms of the agreement with the National Housing Bank in the matter of the loan or advance; or
(c) if there is a reasonable apprehension that the borrowing 1[institution] is unable to pay its debts or that proceedings for liquidation may be commenced in respect thereof; or
(d) if for any reason, it is necessary so to do to protect the interests of the National Housing Bank.
Source footnotes
1. Subs. by Act 15 of 2000, s. 12, for "housing finance institution" (w.e.f. 12-6-2000).आगे पढ़ें / Continue reading
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More sections of this act
Section 1 · Short title, extent and commencement.Section 2 · Definitions.Section 3 · Establishment and incorporation of National Housing Bank.Section 4 · Capital.Section 5 · Management.Section 6 · Board of Directors.Section 7 · Term of office of Chairman, Managing Director and other directors, service conditions, etc.Section 8 · Disqualifications.India Code, Government of India. Text fetched 26 Oct 2026. Source metadata reports last modification: 2019-12-02. Check the linked official text and subsequent notifications when applying a provision.