Chapter III MORATORIUM

Finance197531 sections5 chapters

4. Moratorium.

Statutory text

(1) Notwithstanding anything contained in any other law for the time being in force in any contract or other instrument having force by virtue of any such law, every debt due from any debtor including the amount of interest, if any, payable on such debt, shall not be recoverable from Mm or from any movable or immovable property belonging to him nor shall any such property be liable to be attached or sold or be produced against in any manner in the execution of any decree or order relating to such debt, for a period of one year from the commencement of this Act.
(2) The State Government may, by notification in the Official Gazette, extend the period referred to under subsection (1) for another year. Explanation. For the purpose of this section the word “debt” does not include the mortgage money the payment of which is secured by the usufructuary mortgage of immovable property.

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