(1) All moneys recoverable under this Chapter including any interest chargeable thereon and the costs, if any, incurred, if not paid when they are due, may, on a requisition made by the Director, be recovered from the person aided and his surety, if any, as if they were arrears of public demand.



(2) When any money due is paid to Director by the surety or is recovered from him or out of his property by the Director the Director shall, on the application of the surety, so far is possible, recover the same from the person aided and pay it to the surety.



(3) Where any industrial concern under liability to the State Government makes any default! in the matter of repayment of any loan or advance or any installment thereof or otherwise fails to comply with the terms of the agreement, the Director, with a view to safeguarding the interest of the Government and security of the Government dues and after giving reasonable notice to the parties in default, shall, subject to the control of the State Government, have the right to take possession of the assets or to take over the management of the industrial concern as well as the right to transfer by way of lease: or sale the property pledged, mortgaged, hypothecated or assigned to the State Government and to realise the dues of the State Government:



Provided that where the management of an industrial concern is taken over by the Director, he shall be deemed to be the owner of the concern for the purposes of suits by or against the concern and shall sue and be sued in the name of the concern



(4) Any transfer of property made by the Director in exercise of his powers under sub-section (3) shall vest in the transferee all rights in or to the property transferred as if the transfer had been made by the owner of the property.