Section 14 in Tamil Nadu Debt Conciliation Act, 1936
14. Agreement of amicable settlement, its registration and effect.
(1)If the creditors to whom more than fifty per cent of the total amount of the debtor's debts is owing come to an amicable settlement with the debtor, such settlement shall forthwith be reduced to writing in the form of an agreement recording the amounts payable to such creditors and the manner in which, the assets from which and the times at which they are to be paid. Such agreement if considered equitable by the board shall be read out and explained to the parties concerned, and shall be signed or otherwise authenticated by the board and the parties who have agreed to the amicable settlement:Provided that, when a co-operative society is one of such creditors, no settlement, insofar as it affects the debts owing to such society, shall be valid without the previous approval in writing of the Registrar of Co-operative Societies:Provided further that when a secured creditor does not agree to the settlement, such settlement shall not affect his rights to proceed against the secured property.(2)An agreement made under sub-section (1) shall, within thirty days from the date of the making thereof, be registered under the [Indian Registration Act, 1908 (Central Act V of 1908)] [Now, short title changed as the Registration Act, 1908], by the chairman of the board in such manner as may be prescribed and it shall then take effect as if it were a decree of a civil court and be executable as such.(3)[ (a) Notwithstanding any thing contained in the Indian Registration Act, 1908 (Central Act V of 1908)', it shall not be necessary for the chairman or any member of the board or any party who has signed or otherwise authenticated the agreement referred to in sub-section (1), to appear in person or by agent at any registration office in any proceeding connected with the registration of such agreement, or to sign as provided in section 58 of that Act.(b)The registering officer to whom any such agreement is sent for registration may, if he thinks fit, refer to the chairman of the board or to any other person for information respecting the same, and on being satisfied of the execution thereof shall register the agreement.](4)If, after the making of an agreement under sub-section (1), [the disability in respect of any debt is removed or] [Inserted by section 3 of the Madras Debt Conciliation (Amendment) Act, 1943 (Madras Act IX of 1943) re-enacted permanently by section 2 of, and the First Schedule to the Tamil Nadu Re-enacting and Repealing (No. I) Act, 1948 (Tamil Nadu Act VII of 1948).] any debt is revived by the board or Civil Court under sub-section (3) of section 10, the agreement and all proceedings taken in pursuance thereof shall stand cancelled; the application under section 4 shall be deemed to have been received in the office of the board on the date of [such removal or reviver] [Substituted for the words 'such reviver' by the Tamil Nadu Re-enacting and Repealing (No. 1) Act. 1948 (Tamil Nadu Act VII of 1948)], and all the provisions of this Act shall apply in respect of the application accordingly.
