Amendment status not verified — confirm the current text below against the official source.
(1) Every creditor referred to in Cl. (f) Section 3 shall, within such period as may be prescribed, furnish to the Tribunal having jurisdiction over the area where such creditor has his ordinary place of business, a statement in such form as may be prescribed containing the names of all persons who have pledged movable property with him, the nature and description of such property, the amount advanced and due as on the commencement of this Act, the rate of interest and such other particularizes may be prescribed. (2) A debtor referred to in Cl. (f) of Section 3 may also make an application to the Tribunal having jurisdiction over the area where his creditor has his ordinary place of business for an order for the delivery of the movable property pledged by the debtor. (3) On receipt of a statement under sub-section (1) or an application under sub-section (2), and after such enquiry conducted in the manner prescribed, the Tribunal shall, by order, determine— (i) where a statement has been furnished by the creditor under sub-section (1), which of the “persons who have pledged movable property with him are entitled to relief under Section 3, and (ii) where an application has been made by the debtor under sub-section (2), whether the debtor is entitled to relief under Section 3, and (iii) direct the creditor to produce on or before the date specified in the order the movable property pledged by such person or debtor. (4) Where the movable property pledged by the debtor is in the possession of any transferee of the creditor, the creditor shall redeem the said property from such transferee and produce it on or before the date specified in the order referred to in sub-section (3). (5) If the creditor fails to produce the movable property as directed in the order under sub-section (3)— (a) the Tribunal may enter any premises of the creditor or of the transferee of the creditor and search and seize the said property; and (b) Where the movable property is in possession of any bank, the Tribunal shall— (i) by an order, direct the bank to deposit on or before the date specified in the order, the property with the Tribunal together with a statement specifying the amount due to the bank in respect of the said property and simultaneously issue a certificate to the bank to the effect that the amount due to the bank in respect of the said property shall be recovered from the creditor as if it were an arrear of land revenue and paid to the bank, and (ii) on the bank depositing the said property with the Tribunal, acknowledge in writing the receipt of the property and proceed to recover from the creditor such amount as is due to the bank in1 respect of the said property as if it were an arrear of land revenue, and on such recovery pay the same to the bank. (6) After such production on recovery of deposit of the property pledged the Tribunal shall deliver the said property to the debtor. (7) Pending determination of the question under sub-section (3), no creditor or the transferee of the creditor shall sell or pledge or otherwise dispose of any movable property pledged by the debtor. (8) Notwithstanding anything contained in any other law, the Tribunal— (a) may enter any premises of the creditor or of the transferee of the creditor and search and seize the movable property pledged be debtors and arrange for their safe custody; (b) shall proceed to determine which of the movable properties so seized are to be released to the debtors and pass orders accordingly. (9) The provisions of Ss. 100 and 165 of the Code of Criminal Procedure, 1973 (II of 1974) relating to search and seizure shall, so far as may be, apply to searches and seizures under sub-Ss. (5) and (8).