Section 17 in The Punjab Relief of Indebtedness Act, 1934
17. Registration and effect of agreement.
(1)If the debtor and all or any of the creditors come to an amicable settlement, the board shall forthwith reduce such settlement to writing in the form of an agreement setting forth the amounts payable to each creditor and the manner in which and the times at which they are to be paid. Such agreement shall be read out and explained to the parties concerned, and shall be signed or otherwise authenticated by the board and the parties; provided that if the board is of the opinion that the period fixed for payment is excessive, the board may refuse to authenticate the agreement. The board shall also pass an order dismissing the application so far as it relates to the creditors who have not come to an amicable settlement.(2)An agreement thus made shall take effect as if it were a decree of a civil court jurisdiction in the area of the jurisdiction of the board.(3)[ [Notwithstanding anything contained in the Indian Registration Act, 1908, or in the rules made thereunder an agreement made under sub-section (1) shall not be liable to registration.] [Inserted by Punjab Act 12, of 1940, section 7.]
