Powers of the Forum and Tribunal to summon, Re-opening of transaction.

The Forum and the Tribunal may exercise all such powers with reference to summoning and examining of parties and witnesses and with the power to re-opening of transaction, take an account between the parties notwithstanding anything contained in any other law for the time being in force, if the Forum has reason to believe- (a) that the interest charged is excessive; (b) that the transaction is unfair, the Forum shall exercise all or any of the following powers, namely:- (i) re-open the transaction, take an account between the parties and relieve the debtor of all liabilities in respect of any excessive interest; (ii) notwithstanding any agreement, purporting to close previous dealings and to create a new obligation which has been entered into by the parties or any persons from whom they claim, at a date, more than five years from the date of the transaction, re-open, any account in respect of such liabilities, and direct the creditor to repay any sum, which it considers to be repayable in respect thereof; and (iii) set aside either wholly or in part or revise or alter any security given or agreement made in respect of any loan, and if the creditor has parted with the security, order him to indemnify the debtor in such manner and to such extent, as it may deem fair and proper: Provided that, in the exercise of these powers, the Forum shall not - (i) re-open any agreement purporting to close previous dealings and to create a new obligation which has been entered into by the parties or any persons from whom they claim at a date, more than five years from the date of the transaction; and (ii) do anything which affects any decree of a civil court passed before the commencement of this Act. Explanation: (1) In the case of an application brought on a series of transaction, the expression "transaction" means for the purpose of clause (i) of the proviso, the first of such transactions. (2) The interest, shall be deemed to be excessive, if it exceeds the rate of interest notified under this Act.