- Notwithstanding any thing contained in any law for the time being in force or in any contract or instrument having force by virtue of any law or otherwise and save as otherwise expressly provided in this Act, with effect on and from the date of commencement of this Act.-(a)Every debt incurred by a debtor before the date of commencement of this Act and payable by him to his creditor on such date shall be deemed to be wholly discharged;(b)No civil court shall entertain any suit or other proceeding against of the debtor or his surety for the recovery of any amount of such debt;Provided that where any suit or other proceeding is instituted jointly against a debtor and some other person, other than a surety, nothing in this section shall apply to the maintainability of such suit or proceeding in so far as it relates to such other person;(c)All suits and other proceedings including appeals, revisions, attachments or execution proceedings, pending on the date of commencement of this Act against any debtor or his surety for the recovery of any such debt shall abate;Provided that nothing in this clause shall apply to the sale, in relation to any such debt, of.-(i)any movable property held through court and concluded before to any such debt, of,-(ii)any immovable property held through court and confirmed before such commencement;(d)Every debtor or his surety undergoing detention in a civil prison in execution of any decree passed against them by a civil court in respect of any such debt shall be released;(e)Every movable property pledged by a debtor or his surety as a security for such debt shall stand released in favour of such debtor or his surety, as the case may be, and the creditor shall be bound to return the same to the debtor or his surety forthwith;(f)Every mortgage executed by the debtor or his surety as security for such debt in favour of the creditor shall stand redeemed and the mortgaged property shall be released in favour of such debtor or his surety, as the case may be.Explanation. - Nothing in this section shall be construed as entitling any debtor or his surety for refund of any part of any such debt repaid or interest paid by them or recovered from them before the commencement of this Act.
