(1) Notwithstanding anything contained in any other law for the time being in force or in any contract other instrument having force by virtue of any such law, every debt due from any debtor including the amount or interest, if any, payable on such debt, shall not be recoverable from him or from any movable or immovable property belonging to him, nor shall any such property be liable to be attached or sold or be proceeded against in any manner in the execution of any decree or order relating to such debt, for a period of one year from the commencement of this Act.
(2) The State Government may, by notification in the Official Gazette, extend the period referred to under sub-section (1) for another year.
Explanation - For the purpose of this section the word "debt" does not include the mortgage money the payment of which is secured by the usufructuary mortgage of immovable property.
CHAPTER IV Procedure for settlement of debts.
5. The State Government may, by notification in the Official Gazette, establish for any area specified therein a Tribunal consisting of a sole member who shall be a revenue officer not below the rank of Circle Officer having jurisdiction over that area.
Moratorium.
Establ ishment of Tribunal.
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