Stay of suits by Money-Lender not holding valid registration

(1) In every suit to which this Act applies filed by a Money-Lender after the appointed day or in every such suit pending before any court on the appointed day, the court shall consider'and decide the potlt whether such Money-Lender held a valid registration or not at the time when the loan to which the suit relates was advanced and if the Court flnds that such Money-Lender did not hold valid registration at that time, it shali dismiss the suit forthwith. (2) Nothing contained in sub-section (l) shall affect the poweni of a Court of Wards, or atr omci.al assipee, a receiver, or an administrator or a Court under the provisions ofthe Presidency Toms Insolvency Act, 1909, or the Provincial Lrsolvency Ac! 1920 or apy.other law in force correspondiag to thal Act, or of a liquidator under the Companies Ac! 1956, to realise the property of a Money-Lender.