(1) Save as hereinafter provided, where any debt due to a money-lender in Application of respect of money lent by him, whether before or after the date on which Act as to this Act comes into force, or of interest on money-so lent or of the benefit assignees.
of any agreement made or security taken in respect of any such debt or interest, has been assigned, the assignee shall be deemed to be the money-lender and all the provisions of this Act shall apply to such assignee as if he was the money-lender.
(2) Notwithstanding anything contained in this Act or in any other law for the time being in force, where for any reason any such assignment is invalid and the debtor has made any payment of money or transfer of property on account of any loan which has been so assigned, the assignee shall in respect of such payment or transfer be deemed to be the agent of the money-lender for all the purposes of this Act.
35. Notwithstanding anything contained in any law for the time being in force, the Re-opening of Court shall, in any suit to which this Act applies, between the money-lender transactions.
and the debtor, whether heard ex-parte or otherwise,
(a) re-open any transaction, or any account already taken between the parties;
(b) . take an account between the parties;
(c) reduce the amount charged to the debtor in respect of any excessive interest;
!
12 The Arunachal Pradesh Extraordinary Gazette, May 9, 2018
(d) if on taking accounts it is found that the money-lender has received more than what is due to him, pass_ a decree in favour of the debtor in respect ~- of such amount;
Provided that, in the exercise of these powers, the Court shall not,-
(i) re-open any adjustment or agreement purporting to close previous dealings and to create new obligations which have been entered into by the parties or any person through whom they claim at a date more than six years from the date of the suit to which this Act applies;
(ii) do anything which affects any decree of a Court.
Explanation,- For the purposes of this section, "excessive interest" means interest at a rate which contravenes any of the provisions of section 31.