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Section 7

The Laccadive, Minicoy And Amindivi Islands (Debt Conciliation And Grant Of Loans) Regulation, 1964.Regulations · 1964

(2) Every creditor whose name is set forth in the application shall, on or before the date of hearing of the application, or within such further time as the tribunal may grant, present a written statement ol debts owed to such creditor by the debtor as prescribed in sub-section (3) and his objections, if any, on the application.

(2) Where any creditor fails to present the written statement as provided in sub-section (1)— (a.) in the case of any debt included in the particulars furnished by the debtor under sub-section (3) of section 4, the creditor shall not be entitled, in any proceeding before the tribunal or a civil court or on any other occasion, to dispute the accuracy of. the said particulars in regard to such debt; and

(b) every other debt shall be deemed for all purposes and on all occasions to have been duly discharged:

Provided that if a creditor proves to the satisfaction of the tribunal that the notice was not served on him and that he had no knowledge of the publication thereof or that for some other sufficient reason he was unable to submit the written statement, the tribunal may revive the debt payable to such creditor, if he files an application in that behalf within a month after he becomes aware of the proceedings taken under section 5.

(3) Every creditor shall furnish, along with his written statement, full particulars of all debts due to him from the applicant and shall, at the same time, produce all documents in support of the same including entries in books of account on which he relies to support his claim together with a true copy of every such document.

(4) The tribunal shall, after marking for the purpose of identification every original document so produced and verifying the correctness of the copy, retain the copy and return the original to the creditor.

(5) If any document which is in the possession or under the control of a creditor is not produced by him as required by subsection (3), the document shall not be admissible in evidence against the debtor in any suit brought by such creditor or by any person claiming under him for the recovery of the debt:

Provided that the tribunal shall have the power to condone for valid reasons any default or delay in the production of documents &sc. 11 THE GAZETTE OF INDIA EXTRAORDINARY 287 and grant reasonable time for the production of the same in any proceeding pending before it.

Where this provision sits

ActThe Laccadive, Minicoy And Amindivi Islands (Debt Conciliation And Grant Of Loans) Regulation, 1964.
Section7
StatusIn force as published by the source

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