(1) If the possession of the property pledged by a debtor cannot for any reason (including lack of identity thereof) be delivered to him, then the creditor shall pay to the debtor the value of such property. The value of the property shall be the market value thereof, and identity of the property shall be determined after due inquiry made in that behalf. If the creditor fails to pay the value, it may be recoverable from him as an arrear of land revenue; and on recovery of the value, it shall be delivered to the debtor by whom such property was pledged.
(2) If there is difference of opinion between the creditor and the debtor on the question of value of the property or its identity, the question shall be referred to the Authorised Officer for decision, and his decision on the question shall be final.
(3) The value of the property may be determined with the assistance of the services of an expert appointed in that behalf. The expert may be paid such honorarium as the State Government or any officer not below the rank of a Tahsildar appointed by it may by an order in writing from time to time in relation to any area or areas determine.