Suits by money-lenders not holding licence

(1) No court shall pass a decree in favour of a money-lender in any suit unless the court is satisfied that at the time when the loan or any part thereof, to which the suit relates was lent, the money-lender held a valid licence, and if the court is satisfied that the money-lender did not hold a valid licence, it shall dismiss the suit. (2) Nothing in this section shall affect the powers of a liquidator under the Companies Act, 1956, or the Companies Act, 2013, to realise the property of a money-lender.