(1)Any debtor may, within one year from the date of commencement of this Act, make an application to the concerned Assistant commissioner that any transfer of immovable property made by him or any other person through whom he inherited it was a transfer in the mortgage and the Assistant Commissioner, may, after such enquiry as he deems fit, if satisfied that the circumstances connected with the transfer showed it to be in the nature of mortgage, then, notwithstanding anything to the contrary contained in any law, custom or contract declare contained in any law, custom or contract declare such transfer to be a mortgage.
