Amendment status not verified — confirm the current text below against the official source.
Inserted by Act 63 of 1976 w.e.f. 27.10.1976 (5) Every creditor referred to in clause (f) of section 4, shall within 45 days from the first day of March 1976 furnish to the Sub- Divisional Magistrate 1[or the executive Magistrate, as the case may be,]1 having jurisdiction over the area where such creditor ordinarily resides a statement containing the names of all the debtors who have mortgaged properties to him, the full description of such properties, the amount advanced and due as on 21st October, 1975 and such other particulars as may be prescribed. On receipt of such statement the Sub-Divisional Magistrate 1[or the executive Magistrate, as the case may be,]1 shall by order, determine which of the debtors are entitled to the relief under section 4 and direct the creditor to make an endorsement of discharge on the mortgage deed and deliver the same to the debtor. Where such property is in possession of the creditor he shall deliver the same to the debtor. If the creditor fails so to do, the Sub-Divisional Magistrate 1[or the executive Magistrate, as the case may be,]1 shall himself record the fact of discharge and issue a certificate to that effect to the debtor and also deliver possession of the property to the debtor by using such force as may be necessary.