(1) If one or more instalments or any part of such instalment including interest, penal interest and other dues payable under a mortgage executed in favour of a Housing Society or the Housefed remains unpaid for more than one month from the date on which it fell due, the Board or committee, as the case may be, in addition to any other remedy available to the Primary Housing Society or the Housefed, make an application to the Registrar with a statement of account in respect of such arrears of the defaulted amount for the recovery of such amount by distraint and sale of movable property.
(2) On receipt of such application, the Registrar or any person authorised by the Registrar may notwithstanding anything contained in [the Transfer of Property Act, 1882 (4 of 1882)], after making such enquiry as he deems fit, pass an order and grant certificate for the recovery of the amount stated therein to be due as arrears.
(3) A certificate by the Registrar or any person authorised by him shall be final and conclusive proof as to arrears due.
(4) The arrears stated by the Registrar or any person authorised by him, to be so due, if not paid within 15 days of the communication of the said order, shall be recoverable under section 126 of this Act.
(5) The value of the property distrained shall be, as nearly as possible, equal to the amount due and the expenses of the distraint and the cost of the sale.