50. Release of estate taken under management under section 17 when debts cannot be liquidated within reasonable time .-

(1) The court may, with the previous sanction of the Government, at any time within two years from the date of the notification published under section 18, release from its superintendence, on a day to be notified, the property of a person who has been made a ward of the court in pursuance of an order under section 17, without liquidating any of his debts and liabilities, or after liquidating some of the debts and liabilities, when the court is satisfied that it is impracticable to liquidate within a reasonable time all the debts and liabilities or such of them as have not been liquidated, and in either case the legal in capacity of such ward shall cease on the date so notified: Provided that with the previous sanction of the Government, the court may at any time release such property on application made to it by the proprietor, or in the case of an undivided Hindu family, a Murumakkathayam tarwad, an Aliyasantana family or a Nambudiri family on such application made by a majority of the coparceners who have attained majority or of the major members of such tarwad or family, as the case may be. (2) Whenever an incumbrancer is dispossessed under section 42, and his debt remains unliquidated at the time the court releases from its superintendence the property of such ward under sub-section (1), the Collector shall replace the incumbrancer in possession. (3) Whenever the property of a person is released under sub-section (1) from the superintendence of the court, the provisions of sections 40 and 41 shall not apply to any of the debts and liabilities of the ward remaining unliquidated at the time when his properties are so released. (4) In computing the period of limitation applicable to a suit brought or application made against such person or his legal representative after the court has released his property under sub-section (1), the time during which the superintendence of the court continued shall be excluded.