Section 15 in Telangana Jagirdars Debt Settlement Act, 1952
15. Application for recording settlement.
(1)If any debtor and any or all of his creditors arrive at a settlement in respect of any debt due by the debtor to the creditor, the debtor or any of the creditors may, within thirty days from the date of such settlement, make an application to the Board for recording such settlement.(2)Every such application shall be in the prescribed form, and shall be signed and verified in the prescribed manner.(3)On receipt of such application the Board shall, after giving notice to the creditor or the debtor, as the case may be, and after making such enquiry as it thinks fit, if it is satisfied that the settlement arrived at is bona fide and voluntary and is not made with intent to defeat or delay any of the creditors of the debtor, and is in the interest of the debtor, and that the debtor is a person who fulfils the conditions referred to in clauses (a) and (b) of sub-section (1) of section 24, record such settlement and certify the same. Every such settlement so recorded and certified shall be binding upon the parties thereto and shall not, save as otherwise hereinafter provided be reopened.(4)After the Board has recorded and certified a settlement under sub-section (3), the Board shall call upon the debtor to make a declaration whether there are any other debts due by the debtor which are not included in the settlement. If the debtor makes a declaration that there are no such debts, the Board shall make an award in terms of such settlement.(5)If the Board is satisfied, after recording such settlement, that there are other debts due from the debtor which are not included in the settlement the Board shall treat the application made under sub-section (1) as an application for settlement of debts under section 11.
