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[Cites 0, Cited by 0] [Section 7] [Entire Act]

State of Punjab - Subsection

Section 7(2) in The Punjab Restitution of Mortgaged Lands Act, 1938

(2)If in cases to which this Act applies, the Collector finds that, in the value of the benefits enjoyed by the mortgagee while in possession is less than twice the amount of the principal sum originally advanced and some payment is still due to the mortgagee according to the terms of the mortgage, the Collector shall, by order in writing and notwithstanding anything contained in any other enactment for the time being in force direct that the land be restored to the mortgagor and he be put into possession subject, however, to the payment of compensation by the mortgagor to the mortgagee at rates not exceeding the following scale :-
(i)thirty times the land revenue assessed on the land at the time when it was mortgaged if the mortgagee has been in possession for a period exceeding thirty years but not exceeding forty years;
(ii)fifteen times the land revenue assessed on the land at the time when it was mortgaged if the mortgagee has been in possession for a period exceeding forty years but not exceeding fifty years;
(iii)five times the land revenue assessed on the land at the time when it was mortgaged if the mortgagee has been in possession for a period exceeding fifty years.
Explanation. - The Collector shall for the purposes of this section compute the period of possession from the date on which the mortgagee entered into possession, to the date of the presentation of the petition under section 4.