(1) Notwithstanding anything contained in any law or contract or in any decree or order of any court or tribunal, an agriculturist may discharge his debts in the manner specified in sub-section (2) and in sub-section (3).
(2) If any debt is repaid in thirty monthly instalments together with interest at the rate specified in section 5, on the principal amount outstanding at the time of each payment, the whole debt shall be deemed to be discharged.
(3) The first instalment of any debt payable under sub-section (2) other than a debt payable to a co-operative society shall be paid before the expiry of a period of twelve months from the commencement of this Act and first instalment of any debt due to a co-operative society shall be paid before the expiry of six months from such commencement and each of the remaining instalments of all such debts shall be paid on or before the expiry of a period of thirty days from the last day on which the previous instalment was due.
(4) Where any instalment of a debt is not paid on the due date, the creditor shall be entitled to recover the same as provided in section 9 but, the agriculturist shall not forfeit the benefits conferred by this section:
Provided that if default is made in payment of four consecutive instalments, the agriculturist shall not be entitled to the benefits of the provisions of sub-sections (2) and (3), and the whole debt together with such interest as may have accrued thereon, less any amount which has already been paid, shall be payable forthwith.