Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything contained in any other law for the time being in force or any decree, Judgement or order of any Court where the mortgage is one to which this Act applies and the Tribunal finds that the value of the benefits enjoyed by the mortgagee, equals or exceeds the costs of improvements, if any, effected by such mortgagee in accordance with the terms of the mortgage, plus one and a half times the amount of the principal money, or the pecuniary value of the goods actually advanced under the mortgage, it shall order in writing— (a) That the mortgage be extinguished ; and (b) Where the mortgagee is still in possession, that the mortgagor be put into possession of the mortgaged property as against the mortgagee and that the title deeds, if any be restored to the mortgagor ; and (c) Where the mortgagee has received money in excess of one and a half times the amount of the principal money, or the pecuniary value of the goods actually advanced, and the cost of such improvements if any, that such excess amount be 1 [recovered from the mortgagee and paid to the mortgagor.] (2) If in cases to which this Act applies, the Tribunal finds that the value of the benefits enjoyed by the mortgagee while in possession, is less than the cost of improvements, if any, effected by such mortgagee plus one and a half times the principal money or the pecuniary value of the goods actually advanced, it shall, by order in writing and notwithstanding anything contained in any other law for the time being in force, direct that the mortgaged property be restored to the mortgagor and he be put in possession after payment of amount if any, due to the mortgagee : Provided that, in calculating the amount due interest shall not be charged except on the principal money or the pecuniary value of the goods actually advanced, at a rate higher than 5 per cent per annum : Provided further that the principal sum plus interest shall not exceed one and a half items the principal sum or the pecuniary value of the goods actually advanced : Provided also that where a mortgagee has been in possession of the mortgaged property for a period of ten years or more, it shall be conclusive proof of the fact that such mortgagee has received one and a half times the amount of the principal money or pecuniary value of the goods actually advanced as well as the cost of improvement, if any.