Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained in any enactment for the time being in force or in any contract or other instrument having the force of law,- 1 Added by Haryana Act 8 of 1991. 2 Added by Haryana Act 16 of 1992 and further substituted by Haryana Act 15 of 1993 and further omitted by Haryana Act 22 of 2004. 3 Substituted by Haryana Act 8 of 1991. 4 Inserted by Haryana Act 8 of 1991. Discharge of debt. [1989 : Hr. Act 9 RELIEF OF AGRICULTURAL INDEBTEDNESS 113 (a) every debt, together with any interest payable thereon, owed 1[xxx] by a debtor shall be deemed to be wholly discharged, if— (i) he had in the discharge of his debt, paid a sum exceeding or equivalent to double the amount of the principal at any time 1[xxx]; (ii) he, in the discharge of his debt, pays 1[xxx], a sum which, together with any sum already paid in the discharge of such debt, is equivalent to double the amount of the principal; (b) every property pledged or mortgaged by a debtor whose debt is deemed to be discharged under clause (a), shall stand released and shall vest in him free from all encumbrances when such debt is deemed to be discharged; 2[(c) subject to the provisions of clause (a), the debtor is liable to repay the debt, together with any interest payable thereon, at least to the extent of twenty percent of the gross value of his annual income from his occupation, yearly till the amount of debt together with interest payable thereon or the amount equivalent to double the amount of debt, whichever is less, is paid by him.] 3[xxx] 4[4. The interest payable for a particular type of debt shall be calculated at the rate which has been prescribed by the Reserve Bank of India and where such rate has not been prescribed, the rate of interest shall be ten percent. Credit shall be given for all sums paid or credited first towards outstanding interest and the balance, if any, shall be credited towards repayment of the principal. The amount of principal and the interest outstanding will be considered as the net outstanding debt for the purpose of scaling down. Explanation.-The interest payable shall be simple and not compound interest.]