Suits for redemption or foreclosure to be tried petitions under this Act

(1) The provisions of this Act shall apply to all suits for redemption, sale or foreclosure in respect of the mortgages specified in section 2 and such suits shall be triable as petitions under this Act. (2) Where in any such suit or any proceeding arising out of any such suit, pending in any Court on the date on which this Act comes into force, the Court finds that the provisions of this Act apply thereto, such suit or proceedings shall be transferred by that Court to the Tribunal exercising jurisdiction in that area under this Act. Explanation.— The word “proceeding” in this section and in section 8 shall include an appeal, an application for revision or review and an application for execution.