Explanation:

Recourse to remedies provided under Section 13(4) in case of failure to discharge debt:

 1 Take the possession of the secured assets of the borrower.

2 Take over the management of the business of the borrower.

3 Appoint any person as the ‘Manager’ to manage the secured assets the possession of which has been taken over by the secured creditor.

4 Require any person who has acquired any of the secured assets from the borrower and from whom any money is due or may become due to the borrower, to pay the dues to the secured creditor.