26. Stay of suits by Money-Lender not holding valid registration.
(1)In every suit to which this Act applies filed by a Money-Lender after the appointed day or in every such suit pending before any court on the appointed day, the court shall consider and decide the point whether such Money-Lender held a valid registration or not at the time when the loan to which the suit relates was advanced and if the Court finds that such Money-Lender did not hold valid registration at that time, it shall dismiss the suit forthwith.(2)Nothing contained in sub-section (1) shall affect the powers of a Court of Wards, or an official assignee, a receiver, or an administrator or a Court under the provisions of the Presidency Towns Insolvency Act, 1909,(III of 1909) or the Provincial Insolvency Act, 1920,(V of 1920) or any other law in force corresponding to that Act, or of a liquidator under the Companies Act, 1956,(1 of 1956) to realise the property' of a Money-Lender.
