Amendment status not verified — confirm the current text below against the official source.
The Forum and the Tribunal may exercise all such powers with referrence to summoning and examining of parties and witnesses and with the g anything contained in any other law for the time m has reason to believe- (a) that the interest charg being in force, if the Foru (b) that the transaction the Forum shal] exercise all or an ( y of the following powers, namely:- ) re. , we transaction, take an account between the parties re Neve the debtor of all liabilities in respect of any excessive interest: Gi) notwith Standing anya ' Breement, pur x revious Saling and to or Purporting to close p account in respect of such liabilities, tor to repay an y sum, which it considers to be spect thereof > and PUNJAB GOVT. GAZ. (EXTRA), MAY 4. 2016 53 (VYSK I4, 1938 SAKA) a eee = . = (ii) set aside either wholly or in part or revise or alter any security given or agreement made in respect of any loan, and if the creditor has parted with the security, order him to indemnify the debtor in such manner and to such extent, as it may deem fair and proper: Provided that, in the exercise of these powers, the Forum shall not - (i) re-open any agreement purporting to close previous dealings and to create a new obligation which has been entered into by the parties or any persons from whom they claim at a date, more than five years from the date of the transaction; and (ii) do anything which affects any decree of a civil court passed before the commencement of this Act. Explanation: (1) Inthe case ofan application brought ona series of transaction, the expression "transaction" means for the purpose of clause (i) of the proviso, the first of such transactions. 2) * The interest, shall be deemed to be excessive, if it exceeds the rate of interest notified under this Act.