10. Stay of suits by money-lenders not holding licence.
- [(1) No court shall pass a decree in favour of a money-lender in any suit to which this Act applies [including such suit pending in the court before the commencement of the Bombay Money-lenders [Amendment] Act, 1975) unless the court is satisfied that at the time when the loan or any part thereof, to which the suit relates was advanced, the money-lender held a valid licence, and if the court is satisfied that the money-lender did not hold a valid licence, it shall dismiss the suit.] [This sub-section was substituted for sub-sections (1) to (4) by Maharashtra 76 of 1975.](2)Nothing in this section shall affect -(a)suits in respect of loans advanced by a money-lender before the date in which this Act comes into force;(b)[ the powers of a Court of Wards, or an Official Assignee, a receiver, an administrator or a Court under the provisions of the Presidency-towns Insolvency Act, 1909, or the Provincial Insolvency Act, 1920 or any other law in force corresponding to that Act, or of a liquidator under the Companies Act, 1956, to realize the property of a money-lender.] [Clause (b) was substituted for the original by Bombay 50 of 1959, Section 4(i).]
