Section 37 in Telangana Jagirdars Debt Settlement Act, 1952
37. Procedure for further scaling down of debts.
- Where the amount of debts of the debtor as scaled down under section 35 exceeds half the value of the debtor's immovable property as determined by the Board, the Board shall intimate to the creditors the amount of the said debts of the debtor and the said value of the debtor's immovable property and call upon them to state in writing within a specified period not exceeding one month whether they agree to the further scaling down of the said debts so as to reduce them to a sum not exceeding half the said value of the immovable property of the debtor. If all the creditors agree to the further scaling down of the debts, the Board shall make an award directing the debtor to pay the amount of such debts so agreed upon within a period of one month from the date of the award.
