Amendment status not verified — confirm the current text below against the official source.
Substituted vide H.P. Act No. 25 of 1978. THE HIMACHAL PRADESH DEBT REDUCTION ACT, 1976 4 the functions of a Collector for the purposes of this Act; (iii) "co-operative society" means a society registered or deemed to be registered under the provisions of the Himachal Pradesh Co-operative Societies Act, 1968 (3 of 1969); (iv) "court" means a civil court; (v) "creditor" in Chapter V means a person who, in the regular course of business, advances a loan as defined in this Act and includes the legal representatives and the successors in interests whether by inheritance, assignment or otherwise, of a creditor; (vi) "decree to which this Act applies" means a decree passed either before or after the commencement of this Act in a suit to which this Act applies; (vii) "interest" means rate of interest and includes the return to be made over and above what was actually lent whether the same is charged or sought to be recovered specially by way of interest or usufruct or services to be rendered or otherwise; (viii) "Financial Commissioner" means the Financial Commissioner of Himachal Pradesh for the time being and includes any officer specially empowered by the State Government to exercise the powers of the Financial Commissioner under this Act; (ix) "loan" means an advance in cash or kind and includes any transaction which in substance amounts to such advance but does not include an advance by the Central or State Government or by a local authority authorised by the State Government to make advance, by a co-operative society or by a bank or by the Life Insurance Corporation of India or a loan taken or used for the purposes of trade; (x) "prescribed" means prescribed by rules made under this Act; (xi) "principal" means the amount originally advanced; (xii) "State Government" means the Government of Himachal Pradesh; (xiii) "suit to which this Act applies" means any suit or proceedings relating to a loan; (xiv) "debtor" means a person who receives a loan as defined under this Act; (xv) "Commissioner" means the Commissioner Revenue of Himachal Pradesh or any officer specially empowered by the State Government to exercise the powers of the Commissioner under this Act; THE HIMACHAL PRADESH DEBT REDUCTION ACT, 1976 5 (xvi) "notification" means notification published under proper authority in the Rajpatra, Himachal Pradesh. CHAPTER II INSOLVENCY PROCEDURE