Legal Document View

Unlock Advanced Research with PRISMAI

- Know your Kanoon - Doc Gen Hub - Counter Argument - Case Predict AI - Talk with IK Doc - ...
Upgrade to Premium
[Cites 0, Cited by 0] [Section 7] [Entire Act]

State of Himachal Pradesh - Subsection

Section 7(2) in The Himachal Pradesh Restitution of Mortgaged Lands Act, 1976

(2)If, in cases to which this Act applies, the Collector finds that the value of the benefits enjoyed by the mortgagee while in possession, is less than twice the amount of the principal sum originally advanced and some payment is still due to the mortgagee according to the terms of the mortgage, the Collector shall, by order in writing, and notwithstanding anything contained in any other enactment for the time being in force, direct that the land be restored to the mortgagor and he be put into possession subject, however, to the payment of compensation by the mortgagor to the mortgagee at rates not exceeding the following scale:-
(i)thirty times the land revenue assessed on the land at the time when it was mortgaged if the mortgagee has been in possession for a period exceeding twenty years but not exceeding twenty-five years;
(ii)fifteen times the land revenue assessed on the land at the time when it was mortgaged if the mortgagee has been in possession for a period exceeding twenty five years.
Explanation. - The Collector shall for the purposes of this section, compute the period of possession from the date on which the mortgagee entered into possession, to the date of presentation of the petition under section 4.