Displaced Persons (Debts Adjustment) Act : Encouragement of settlements. Indian Bare Acts :

Displaced Persons (Debts Adjustment) Act,1951

Act No : 70

Section : Encouragement of settlements.

39. Encouragement of settlements. If the displaced debtor and the creditor or, where there are more creditors than one, such number thereof as hold more than two-thirds in value of the debts due from the displaced debtor enter into an agreement for the adjustment of the liabilities, the Tribunal shall, if an application is made to it in this behalf, after giving due notice to the other creditors affected, adjust the remaining debts accordingly if the terms of the agreement are just and fair, and pass a decree accordingly.