Vidhi Codex

The Jammu and Kashmir Debtors Relief Act, 1976

The Jammu and Kashmir Debtors Relief Act, 1976

Finance197637 sections

The Jammu and Kashmir Debtors Relief Act of 1976 regulates the settlement and reduction of outstanding private debts in Jammu and Kashmir. It applies to creditors and low income debtors, specifically farmers, agricultural laborers, rural artisans, and small scale handicraft workers. The law establishes government run conciliation boards to negotiate amicable settlements or dictate fair, repayment plans with capped interest. This legislation matters because it protects vulnerable rural communities from financial exploitation. It empowers boards to completely discharge a debt if the borrower has already repaid one and a half times the original principal, shielding struggling families from endless poverty.

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  1. 1. Short title, extent and commencement.
  2. 2. Definitions.
  3. 3. Setting up of Debt Conciliation Boards.
  4. 4. Application for settlement between a debtor and his creditors.
  5. 5. Verification of application.
  6. 6. Particulars to be stated in application.
  7. 7. Prodedure on receipt of application.
  8. 8. Notice calling upon creditors to submit statement of debts.
  9. 9. Procedure on submission of statements of debts.
  10. 10. Board to attempt amicable settlement.
  11. 11. Power of Board to adjudicate on genuineness or enforceability of debts.
  12. 12. Power of Board to require attendance of persons and production of documents and to receive evidence.
  13. 13. Registration and effect of agreement.
  14. 14. Debts in respect of which no application for settlement is made.
  15. 15. Debts in respect of which suits or other proceedings are pending.
  16. 16. Powers to pass just and equitable orders in cases where creditor does not agree to amicable settlement.
  17. 17. Power of Board to decide questions arising on settlement of debts.
  18. 18. Bar of Civil Court jurisdiction.
  19. 19. Power of Board to review its order.
  20. 20. Agreements or orders passed by Board to supersede decisions of Civil Court.
  21. 21. Court-fee on appeal.
  22. 22. Procedure in appeal.
  23. 23. Court-fee on applications.
  24. 24. Settlement to be void.
  25. 25. Consolidation of applications.
  26. 26. Power of transfer.
  27. 27. Continuation of proceeding on death of party.
  28. 28. The Board may summon any other person.
  29. 29. Transfer of pending suits and proceedings to the Board.
  30. 30. Application of Limitation Act.
  31. 31. Appearance of party before Board by agent or by legal practitioner.
  32. 32. Members of Board deemed to be public servants.
  33. 33. Transfer of pending applications and proceedings to Civil Courts.
  34. 34. Power of Government to delegate power to the Revenue Minister or any subordinate authority.
  35. 35. Penalty.
  36. 36. Power to make rules
  37. 37. Repeal and savings.

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