(\) A debtor may deposit the money due in respect of loan received by him from any person together with interest at the rate specified under sub-section (1) of section 7 of the Kerala Money- Lenders Act, 1958 (35 of 1958) into the Court, having jurisdiction, along with a petition to record that the amount deposited is in “full or in part satisfaction of the loan including the interest thereon, as the case may be.
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(2) The Court shall, on receipt of a petition under sub-section (1), refer a copy of the petition to the person mentioned in the petition, directing him to give his version of the case within a period of fifteen days or within such other time as may be granted by the Court. The Court may, after due inquiry and after considering the versions of the parties, pass orders recording the satisfaction of the loan and interest thereon in full or in part, as the case may be.