Vidhi Codex

Himachal Pradesh Debt Reduction Act

The Himachal Pradesh Debt Reduction Act, 1976

General197630 sections5 chapters

This law applies to the state of Himachal Pradesh and regulates the relationship between lenders and borrowers involved in loans. It defines who counts as a creditor and a debtor, covering various financial institutions and individuals. The Act provides a framework for handling debt-related legal matters, specifically decrees and suits, to help reduce the burden of debt for residents. By establishing clear rules for these financial transactions, the legislation aims to provide relief and order in debt recovery processes within the state.

Start reading →Read full ActSections

Chapter I PRELIMINARY →

  1. 1Short title, extent and commencement
  2. 2For Statement of Objects and Reasons see the Rajpatra, Himachal Pradesh (Extraordinary), dated 8th April, 1978, p. 332.

Chapter II INSOLVENCY PROCEDURE →

  1. 3Amendment of section 10 of the Provincial Insolvency Act, 1920
  2. 4Amendment of section 74 of the Provincial Insolvency Act, 1920

Chapter III SUITS AND DECREES →

  1. 5Forum of suits
  2. 6Debtor's right to sue
  3. 7Amendment of decree
  4. 8Accounting and determination of the amount due
  5. 9Rate of interest on decrees

Chapter IV EXECUTION OF DECREES →

  1. 10Attachment of agricultural produce restricted
  2. 11Protection of agricultural land of debtor form sale or transfer
  3. 12Procedure where several decrees are executed simultaneously.(1) Where several persons holding decrees to which this Act
  4. 13Such certificate of mortgage shall be exempted from stamp duty.
  5. 14Application of the Code of Civil Procedure, 1908
  6. 15Collector deemed to be acting judicially
  7. 16Appeal to the commissioner who shall be deemed to be acting judicially
  8. 17Powers to the Financial Commissioner to examine legality or propriety of the orders passed by the Collector or
  9. 18Limitation for appeals
  10. 19Exemption from attachment or sale
  11. 20Immunity from arrest.- No debtor as defined in section 2 of this
  12. 21Amendment of section 60 of the Code of Civil Procedure,

Chapter V MISCELLANEOUS →

  1. 22Suit for account of money lent.- (1) A debtor may sue for an account of a loan.
  2. 23Deposit in Court
  3. 24Duty of creditor to maintain and furnish accounts
  4. 25Penalty for non-compliance with the provisions of section 24.
  5. 26Penalty for entering in books of accounts a sum larger than actually lent and for not giving receipts
  6. 27Saving in cases of previous loans
  7. 28Burden of proof of considerations
  8. 29Power to make rules
  9. 30Repeal and savings

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