4. Payment of debt in instalments.

(1) Notwithstanding anything contained in any law or contract or in any decree or order or court, but subject to the provisions of sub-section(5), an agriculturist may discharge his debts in the manner specified in sub-sections (2) and (3).\n(2) If any debt is repaid in seventeen equal half-yearly instalments togeteher with interest at the rate specified in section 5 on the principal outstanding at the time of each payment, the whole debt shall be deemed to be discharged:\nProvided that -\n(a) in the case of debts due to a banking company the number of instalments in which the debt shall be repaid shall be twelve where the debt does not exceed three thousand rupees and eight where it exceeds three thousand rupees;\n(b) in the case of arrears of rent or michavaram accrued due on or after the 1st day of May, 1968 and before the commencement of this Act, the number of instalments in which such arrears shall be repaid shall be five.\n(3) The first instalment of any debt payable under sub-section (2) shall be paid before the expiry of a period of six months from the commencement of this Act, and each of the remaining instalments shall be paid on or before the expiry of a period of six months from the last day on which the previous instalment was due.\n(4) Notwithstanding anything contained in sub-section (2), except in the case of the last instalment, the amount paid at each instalment shall not be less than five rupees.\n(5) Where any instalment of a debt is not paid on the due date; the creditor shall be entitled to recover the same as provided in section 10, but the debtor shall not forfeit the benefits conferred by this section:\nProvided that if default is made in payment of three consecutive instalments, the debtor shall not be entitled to the benefits of the provisions of sub-sections (2) and (3), and the whole debt together with such interest as may have accrued thereon less any amount which has already been paid shall be payable forthwith.\n(6) The provisions of this section shall not apply to mortgages to which section 11 applies, except as provided in sub-section (8) of that section.