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[Cites 0, Cited by 0] [Section 12] [Entire Act]

State of Madhya Pradesh - Subsection

Section 12(3) in The (Central Provinces and Berar) Debt Conciliation Act, 1933

(3)For the purpose of the registration of an agreement under sub-section (2), the Chairman of the Board shall be deemed to be an officer of Government empowered to execute such agreement within the meaning of Section 88 of the Indian Registration Act, 1908 (XVI of 1908).[12A. Existing mortgage, lien or charge to submit. - Where an agreement registered under sub-section (2) of Section 12 relates to a debt which is secured by a mortgage, lien or charge on any immovable property of a debtor, such mortgage, lien or charge shall subsist to the extent of the amount payable to the creditor in respect of such debt in accordance with the terms of the agreement until such amount has been paid or the property has been sold for the satisfaction of such debt.][12B. Suspension of instalment consequent on the suspension or remission of land revenue or rent. - When the total land revenue or rent, as the case may be, payable by a debtor in the State for any year is suspended or remitted by Government to the extent specified in column (1) of the table below, the instalment payable by such debtor in that year in accordance with the terms of an agreement registered under sub-section (2) of Section 12 on or after the 1st April, 1933, shall, notwithstanding anything contained in such agreement, be suspended to the extent specified in column (2) of that table. On such suspension the payment of the instalment or portion thereof suspended and the remaining future instalments due in respect of the debt, shall be postponed by one instalment period. No interest shall be charged on any instalment or portion thereof for the period during which its payment remains postponed :-
(1) (2)
Where the suspension or remission is less than 50 per cent butnot less than 30 per cent of the total land revenue or rentpayable by a debtor. Half the instalment shall be suspended.
Where the suspension or remission is 50 per cent or more than50 per cent of the total land revenue or rent payable by adebtor. The whole instalment shall be suspended.]