(1) The Tribunal shall fix a date for hearing of the application under section 6 on the date so fixed shall call upon the applicant and all his creditors or debtors, as the case may be, to explain their respective cases regarding each debt and shall use its best endeavour to include them to arrive at an amicable settlement, and in such settlement is arrived at, the tribunal may pass orders in terms of such settlement.
Debts in respect of which no application for settlement is made to be void.
Duties of debtors and creditors.
Powers of Tribunal to effect settlement and to decide disputes as to existence or amount of debt or assets.
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(2) If there is a dispute as to the existence or the amount of the debt, the Tribunal may decide the dispute and determine its amount after taking such evidence as it considers necessary :
Provided that a decree of a Civil Court relating to a debt shall be conclusive evidence as to the existence and amount of debt.