Effect of declaration of management

On the publication of the notification under section 35, the following consequences shall ensue :- (1) All proceeding then pending in any civil court in respect of the debts and liabilities enforceable against the estate shall be stayed and the operation of all processes, executions and attachments then in force for or in respect of such debts and liabilities shall be suspended. (2) So long as the management continues no fresh proceedings, processes, executions or attachments shall be instituted in or issued, enforced or executed by any civil court in respect of such debts and liblilities. (3) So long as the managment continues the holder of the estate shall be incompetent:- (a) to enter any contract involving the estate in pecuniary libaility; (b) to mortage, charge, lease, or alienate the property under management or any part thereof; or (c) to grant valid receipts for the rents and profits arising or accruing thereform: Provided that nothing contained in this section shall be deemed to preclude the manager from letting and the holder from taking the whole or any part of such estate on such terms consistent with this Ordinance as may be agreed upon between the parties. (4) So long as the management continues, no person other than the manager shall be competent to mortage, charge, lease of alienate such estate or any part thereof.