(1) A debtor referred to in clause (b) of sub-section (3) of section 4 may make an application to the Tribunal having jurisdiction over the area within which such debtor ordinarily resides; for an order releasing the mortgaged property and for the grant of a certificate of redemption.
(2) (a) On receipt of such application and after such enquiry conducted in the manner prescribed, the Tribunal shall pass an order releasing the mortgaged property and grant a certificate of redemption in the prescribed form which shall be admissible as evidence of such redemption in any proceeding before any court or other authority;
(b) The Tribunal shall also direct the creditor or the transferee of the creditor-
(i) to deliver possession of the mortgaged property to the debtor on or before the date specified in the order, if the debtor is not already in possession of the mortgaged property; and
(ii) to produce on or before the date specified in the order, the mortgage deed or other document and the Tribunal shall make an endorsement of redemption on the mortgage deed or other document.
(3) Pending orders under sub-section (2), no creditor or the transferee of the creditor shall transfer or otherwise assign his interest in, or exercise his right of foreclosure in respect of the property mortgaged by the debtor.
(4) where the mortgaged property has been transferred or any right therein has been assigned to any bank by the creditor, the Tribunal shall recover from the creditor such amount as is due to such bank in respect of the said mortgaged property, as if it were an arrear of land revenue, and shall pay the same to the bank.
Debtors to apply in certain cases.
[Act No.7 of 1977] 13
7. Any person aggrieved by any order or decision made by the Tribunal under section 5 or section 6 may within sixty days from the date of communication of the order or decision to him appeal to the Appellate Tribunal subject to payment of such fees as may be prescribed.
CHAPTER III- MISCELLANEOUS