Explanation:— For the purposes of this section, “excessive interest” means compounded interest or at a rate which contravenes any of the provisions of section 31.

Inquiry for taking accounts and declaring the amount due Inquiry for taking accounts and declaring the amount due.—

1. (1) Any debtor may make an application at anytime to the Court, whether the loan has or has not become payable, for taking accounts, and for declaring the amount due to the money-lender. Such application shall be in the form prescribed for Civil Suit under the Code of Civil Procedure, 1908 and accompanied by a fee of Rs. 500/-.
2. (2) On receipt of such application, the Court shall cause a notice of the application to be given to the money-lender.
3. (3) On the date fixed for the summary hearing of the application or on such date to which the hearing may be adjourned, the Court shall make an inquiry and shall, after taking an account of the transactions between the parties, pass an order declaring the amount, if any, still payable by the debtor to the money-lender, in respect of the principal and interest, if any. In taking accounts under this section, the Court shall follow the provisions of sections 24 to 35 provided that such applications shall be tried summarily and disposed off within 3 months from the date of filing.