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.