Displaced Persons (Debts Adjustment) Act,1951

Act No : 70

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Section : Compromises or arrangements between banks and their debtors not to bereopened in certain cases.

51. Compromises or arrangements between banks and their debtors not to be reopened in certain cases. Notwithstanding anything contained in this Act, no compromise or arrangement arrived at, whether before or after the commencement of this Act, between a displaced debtor and a bank relating to the repayment, discharge or satisfaction of any debt owing by the displaced debtor to the bank shall be reopened by the Tribunal, and nothing contained in this Act shall affect any such compromise or arrangement: Provided that there is in force in respect of the bank a compromise or arrangement between it and its own creditors or any class of such creditors which has been duly sanctioned by the Court under section 153 of the Indian Companies Act, 1913 (7 of 1913): and Provided further that the particulars specified in clauses (c), (cc), (ccc), (i), (q), (r), and (s) of the proviso to sub-section (1) of section 60 of the Code of Civil Procedure, 1908 (5 of 1908), as amended by section 31 of this Act, shall not be liable to attachment or sale in any proceeding against the displaced debtor.

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