(1) The Mamlatdar or Collector may, at any time, on application of the borrower, after due notice to the money lender, direct that the money of any decree passed against him, whether before or after the date of coming into force of this Act, in respect of a loan, shall be paid in such number of installments and subject to such conditions, and payable on such dates, as, having regard to the circumstances of the borrower and the amount of the decree, it considers fit.
(2) (a) Where a money lender refuses to accept the whole or any portion of the money due in respect of his loans, the borrower may deposit the said money with the Mamlatdar or Collector, having jurisdiction in the matter and apply to the Mamlatdar or Collector, as the case may be, to record full or part satisfaction of such loan.
(b) Where any such application is made, the Mamlatdar or Collector, as the case may be, may, after due inquiry pass an order recording full or part satisfaction of the loan, as the case may be.