Creditors not to accept payment against extinguished debts.

Finance197610 sections

Statutory text

(1) No Creditor shall accept any payment against any debt which has been discharged, or is deemed to be discharged or wholly satisfied under this Act. (2) Any person who contravenes the provisions or sub-section (1) shall be punishable with imprisonment for a term which may extend to three years or with fine which may extend to two thousand rupees or with both. (3) The Court convicting any person under sub-section 91 may, in addition to the penalties that may be imposed under that sub-section, direct such person to deposit into the Court within such period as may be specified In the order, the sum so accepted by him in contravention of sub-section (1), to be refunded to the scheduled debtor. (4) The offence under this Section shall be cognizable and bailable and may be compounded by the Scheduled debtor from whom the payment was accepted.

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