Section 16(1) in The Goa, Daman and Diu Debt Relief Act, 1980
(1)The Board shall inquire into an application made under section 10 and take account of all the transactions subsisting between the parties and the persons, if any, through whom they claim, out of which the claim has arisen and determine the amount due to each of the creditors on the date of the application according to the following norms, namely:-(a)separate accounts of principal and interest (hereafter in this section referred to as the principal account and interest account, respectively) shall be taken regarding each party;(b)from the principal account,(i)there shall be debited to the debtor only such money as may, from time to time, have been actually received by him or on his account from the creditor and the price of goods, if any, sold to him by the creditor;(ii)there shall be credited to the debtor all such money already paid by the debtor towards the debt or towards the price of goods, if any, sold by him to the creditor;Explanation. - In case the debtor proves to the satisfaction of the Board, through documentary or oral evidence, that the debtor received an amount less than the one indicated by the creditor towards principal, such amount actually received by the debtor shall be debited as principal amount due to the account of the debtor;(c)from the interest account,(i)there shall be debited to the debtor all the interest amounts due and claimed by the creditor, from the date the principal amount was borrowed upto the date of the application, the revenue or taxes paid to the Government or to the local authority by the creditor on behalf of the debtor and such other amount lent by the creditor;(ii)there shall be credited to the debtor, all the interest amounts paid to the creditor upto the date of the application, the revenue or taxes paid to the Government or to the local authority by the debtor on behalf of the creditor, the rent collected by the creditor through the utilisation of such income or rent on certain and specific immovable properties and such other amount paid to the creditor on account of the loan, provided that, for sufficient reasons to be recorded, such amount is acceptable to the Board as being so paid;(iii)there shall be credited or debited, as the case may be, all the amounts paid as foro.
