Section 18(1) in Tamil Nadu Debt Conciliation Act, 1936
(1)Where, during the hearing of any application made under section 4, any creditor refuses to agree to an amicable settlement, the board shall, if it is of opinion that the debtor has made such creditor a fair offer which the creditor ought reasonably to accept, grant the debtor a certificate, in such form as may be prescribed in respect of the debts owed by him to such creditor.The board, in coming to a decision whether the offer made is fair or not, may take into consideration-(i)the fall or rise in the value of land and its produce in the locality;(ii)the amount of consideration actually received;(iii)the reasonableness of the rates of interest;(iv)the onerous conditions, if any, subject to which the loan was granted;(v)whether at any time, the creditor or the debtor was offered settlement of the debt in full or part and if so what the terms were; and(vi)any other particulars which the board thinks it desirable to take into account.
