FAILED BANKS (RECOVERY OF DEBTS) AND FINANCIAL MALPRACTICES IN BANKS ACT
Section 9: Hearing and judgement
(1) If the debtor-
(a) at the expiration of the period specified under section 8 (2) of this Act, fails to repay all the outstanding loan and interest; or
(b) disputes the loan or interest,
the Court shall proceed to hear the case and enter judgement and make such order as it deems appropriate for the purposes of this Part of this Act.
(2) Where the Court makes an order for the payment of the loan and interest and the debtor fails to comply within the time specified in the order, the Court shall make an order to levy execution on all the properties of the debtor pledged as security for the loan.
Cite this section
Section 9, FAILED BANKS (RECOVERY OF DEBTS) AND FINANCIAL MALPRACTICES IN BANKS ACT (1994).
https://repo.podus.ai/laws/failed-banks-recovery-of-debts-and-financial-malpractices-in-banks-act/section/9/