(1) A debtor referred to in clause (f) of section 3, may make an application to the Assistant Commissioner having jurisdiction over the area within which the mortgaged property is situate for an order releasing the mortgaged property and for the grant of a certificate of redemption.
(2) (a) On receipt of such an application and after such enquiry as he considers necessary, the Assistant Commissioner shall pass an order releasing the mortgaged property and grant a certificate of redemption in the prescribed form which shall, notwithstanding 11 anything contained in any law be admissible as evidence of such redemption in any proceeding before any court or other authority;
(b) The Assistant Commissioner shall also direct the creditor.-
(i) to deliver possession of the mortgaged property to the debtor on or before the dates specified in the order if the debtor is not already in possession of the mortgaged property, and
(ii) to produce on or before the date specified in the order, the mortgaged deed or other document and on such production, the Assistant Commissioner shall make an endorsement of redemption on the mortgage deed or other document and forward a copy of the said endorsement to the concerned Sub-Registrar who shall, notwithstanding anything contained in any other law, register the same.
(3) Pending orders under clause (a) of sub-section (2), no creditor shall transfer or otherwise assign his interest in or exercise his right of foreclosure in respect of the property mortgaged by the debtor or his surety.