On the publication of the notification under section 44, the following consequences shall ensure :-
(1) All proceedings then pending in any Civil Court in respect to the debts and liabilities enforceable against the estate shall be stayed; and the operation of all processes, executions and attachments then in force for or in respect of such debts and liablilities shall be suspended;
(2) So long as the management continues no fresh proceedings, proceesses, executions or attachments shall be instituted in or issued, enforced or executed by any Civil Court in respect of such debts and liabilities;
(3) So long as the management continues the holder of the estate shall be incompetent-
(a) to enter into any contract involving the estate in pecuniary liability,
(b) to mortgage, charge, lease or alienate the property under management or any part thereof, or
(c) to grant valid receipts for the rents and profits arising or accuring therefrom :
Provided that nothing contained in this section shall be deemed to preclude the Manager from letting and the holder from taking the whole or a part of such estate on such terms consistent with this Act as may be agreed upon between the parties;
(4) So long as the management continues, no person other than the Manager shall be competent to mortgage, charge, lease or alienate such estate or any part thereof.