section 14
Moratorium on debts of workers in certain cases.
The Maharashtra Debt Relief Act, 1975Finance197562 sections
Statutory text
- (1) Notwithstanding anything contained in any other law for the time being in force or in any contract or other instrument having force by virtue of any such law, no debt of a worker who holds immovable property the market value of which exceeds twenty thousand rupees but does not exceed forty thousand rupees together with interest, if any, outstanding on the appointed day, shall stand discharged or shall be deemed ever to have stood discharged on the appointed day; and except as herein before provided, all such debts shall stand revived as provided by section 3 and shall continue to exist until they are wholly discharged ; but the payment or recovery of any such debts shall, subject to the provisions of this section, nevertheless stand stayed 1[during the period this Chapter remains in force;] and it shall not be lawful for any creditor to recover any such debt or any part thereof or any interest remaining unpaid on the appointed day during such period, and the provisions of Chapter V shall apply to the execution of decrees in relation to such debt against any such workers as they apply to the execution of decrees against small farmers.
- (2) The amount of debt of a worker to be recovered 2[after the expiry of this Chapter] shall not exceed the amount of the principal by more than one hundred and fifty per cent of such amount.
- (3) No interest shall accrue on any amount of the debt of a worker during the period this Chapter is in operation. Explanation.-For the purposes of this section, the expression "debt of a worker" includes a debt arising out of loans taken from more than one creditor.
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