Preparation and publication of statement of debts, etc. by local authority.

(1) As soon as may be after the expiry of the period prescribed under sub-section(1) of section 6, the authorised officer of the local authority concerned shall on the basis of the statements received under section 6, prepare or cause to be prepared a statement in prescribed form showing therein,— (i) the names and residences of all debtors and creditors from whom statements under section 6 have been received; (ii) the description of the debtor as to whether he is a marginal farmer, small farmer, rural artisan or rural labourer; (iii) in the case of a debtor who is a rural artisan, the amount of his income per year; (iv) the particulars of all debts due by such debtors to their creditors ; (v) such other particulars as may be prescribed. (2) As soon as may be after the statement under sub-section (1) is prepared, the authorised officer of the local authority shall publish it in the prescribed manner, together with a public notice in the prescribed form calling upon all debtors and creditors mentioned in the statement who may have any dispute to raise against any of the particulars in the statement to make an application to the debt settlement officer having jurisdiction, within such period after the date of publication of the statements, as may be prescribed challenging the correctness of such particulars. (3) A copy of such statement authenticated by the authorised officer shall be forwarded to the debt settlement officer appointed under section 5 for the area under the jurisdiction of the local authority concerned. Explanation.—In this section, "authorised officer of the local authority" means;— (a) in the case of a local authority which is a gram panchayat or a nagar panchayat, the Secretary of the panchayat; (b) in the case of a local authority which is a borough municipality, the Chief Officer of the municipality; (c) in the case of a local authority which is a municipal corporation, the Municipal Secretary of the Corporation; (d) in the case of any other local authority such officer as may be prescribed.