Notice of withdrawal of superintendence and its effect.

(1) When all the claims have been confirmed under section 39, the Collector shall submit to the Government through the Court, a schedule of the debts and liabilities of the ward, and the Government may, where the property appears to be involved in debts beyond any hope of extrication, or for any other sufficient cause, by order published in the Official Gazette direct that on a date to be specified, the superintendence of the property of the ward shall be withdrawn. From the said date,-

(a) the superintendence shall terminate,

(b) the possession of the property under superintendence shall be delivered to the owner thereof,

(c) the contracts entered into by the Court for the preservation and benefit of the property shall be binding upon the owner, and

(d) the claims referred to in sub-section (3) of section 35 shall revive.

(2) In computing the period of limitation, applicable to suit, in respect of claims, referred to in clause (d) of sub-section (1), the time during which the property has been under the superintendence of the Court, shall be excluded.