(1) A debtor referred to in Cl. (g) of Section 3 may make an application to the Tribunal having jurisdiction over the area within which such debtors ordinarily reside, 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 as 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 transferee of the creditor or 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.