(1)The Collector shall, soon after the commencement of the U. P. Encumbered Estates (Amendment) Act, 1954 issue notices to all the decree holders and the judgment debtors in all pending cases in which debts have not been finally liquidated, either by grant of bonds, mortgage or by transfer of proprietary rights in land, giving opportunity to apply under section 4 of the U.P. Zamindars' Debt Reduction Act, 1952 (Act No. XV of 1953), in the Court of Special Judge, within a time to be specified, which shall not be less than three months.(2)Where after due notice the parties do not make any application under section 4 of the U.P. Zamindars' Debt Reduction Act, within the time specified, or appear and do not wish to make such an application, the execution proceedings shall proceed forthwith.]
