Creditor required to pay value of pledged or mortgaged property in certain cases

(1) If the possession of the property pledged or mortgaged by a debtor cannot for any reason be delivered to him, the creditor shall pay to the debtor such value of the property, as the debt settlement officer may fix. (2) The debt settlement officer may, on fixing the value of any property under sub-section (1), grant to the debtor a certificate for the recovery of the amount stated therein to be due as arrears. (3) If the creditor fails to pay such value to the debtor, it shall be recoverable from him as an arrear of land revenue, and on recovery thereof, it shall be paid to the debtor. (4) For the purpose of such recovery under sub-section (3), the certificate granted to the debtor under sub-section (2) shall be final and conclusive proof of the arrears stated to be due therein.