(1) The Court may with the previous sanction of the State Government, at any time [within five years]from the date of the notification published under Section 21, release from its superintendence, on a day to be notified, the property of a person who has been made a ward of the Court in pursuance of an order under Section 20 without liquidating any of his debts and liabilities or after liquidating some of the debts and liabilities, when the Court is satisfied that it is impracticable to liquidate within a reasonable time all the debts and liabilities or such of them as have not been liquidated and in either case the legal incapacity of such ward shall cease on the date so notified.
(2) Whenever an encumbrancer is dispossessed under Section 47, and his debt remains unliquidated at the time the Court releases from its superintendence the property of such ward under Sub-section (1), the Collector shall replace the encumbrancer in possession.
(3) Whenever the property of a person is released under Subsection (1) from the superintendence of the Court, the provisions of Sections 45 and 46 shall not apply to any of the debts and liabilities of the ward remaining unliquidated at the time when his property is so released.
(4) In computing the period of limitation applicable to a suit brought or application made against such person or his legal representative after the Court has released his property under Sub-section (1) the time during which the superintendence of the Court continued shall be excluded.