Bare Act Search Results

The Kerala Agricultural Debtors (Temporary Relief)act, 2001 [1] Complete Act

State: Kerala

Year: 2001

.....before the commencement of this Act or filing thereafter, for the prosecution of such agriculturist under section 138 of the Negotiable Instrument Act, 1881 (Central Act 26 of 1881) if the agriculturist files an application in such court raising the contention that the debt is one coming under the purview of this Act. 4. Payment of debt in instalments.--(1) Notwithstanding anything contained in any law or contract or in any decree or order of any court or tribunal, an agriculturist may discharge his debts in the manner specified in sub-section (2) and in sub-section (3). (2) If any debt is repaid in thirty monthly instalments together with interest at the rate specified in section 5, on the principal amount outstanding at the time of each payment, the whole debt shall be deemed to be discharged. (3) The first instalment of any debt payable under sub-section (2) other than a debt payable to a co-operative society shall be paid before the expiry of a period of twelve months from the commencement of this Act and first instalment of any debt due to a co-operative society shall be paid before the expiry of six months from such commencement and each of the remaining instalments.....