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 in any contract, customs or usage to the contrary, the recovery of debt advanced before the commencement of this Act to a debtor shall stand suspended for a period of one year from the date of commencement of this Act and (i) no civil court shall entertain any suit, application or proceeding against a debtor in respect of any debt incurred by him or for the recovery of the debt suspended during the period of such suspension ; (ii) any suit, application or application or execution proceeding in relation to recovery of a debt pending before a civil court shall be stayed during the said period; (iii) no decree or a civil court in relation to the recovery of a debt which was passed before the commencement of this Act shall be executed during the aforesaid period ; (2) The State Government may, by notification in the official Gazette, extend the period referred to in subsection (1) from time to time but such extension shall not exceed a period of one year at a time.