Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained in any agreement or any law for the time being in force, no Court shall, in respect of any loan whether advanced before or after the date on which this Act comes into force, decree, on account of interest, a sum greater than the principal of the loan due on the date of the decree. Notwithstanding anything contained in the Code of Civil Procedure, 1908, the Court may at any time, on application of a judgement debtor, after notice to the decree holder, direct that the amount of any decree passed against him, whether before or after the date on which this Act comes into force, in respect of a loan, shall be paid in such number of installments and subject to such conditions, and payable on such dates, as, having regard to the circumstances of the judgement debtor and the amount of the decree, it considers fit. ( 1) The State Government may, from time to time, by notification in the Official Gazette, fix the maximum rates of interest to be charged by a money- lender in respect of secured loan and unsecured loan. • 5 of 1908