Section 33(1) in The Maharashtra Agricultural Debtors Relief Act, 1947
(1)Where the amount of debts of the debtor as scaled down under section 31 by it exceeds half the value of the debtor's immovable property as determined by it, the Court shall intimate to the creditors the amount of the said debts of the debtor and the said value of the debtor's immovable property and call upon them to state in writing within a specified period not exceeding one month whether they agree to the further scaling down of the said debts so as to reduce them, to a sum not exceeding half the said value of the immovable property of the debtor. If [a majority in number and three-fourth in value of all the creditors] [These words were substituted for the words 'all the creditorsÂ’ by Bombay 70 of 1948, Section 10(1).] agree to the further scaling down of the debts, the Court shall make an order directing the debtor to pay the amount of such debts so agreed upon within a period of one month from the date of the order.
