Section 15: Rescheduling of debt by order of Commissioner

15. Rescheduling of debt by order of Commissioner (1) Where a lender does not agree to a revision of the terms of a credit agreement, or the borrower is not agreeable to the revised terms made pursuant to section 14, the borrower may apply to the Commissioner, giving all the relevant information and documents, for an order to reschedule the debt. (2) The Commissioner may, for the purposes of subsection (1), convene the parties and any other person concerned, to a hearing and initiate such other action as he considers appropriate. (3) The Commissioner may, if he thinks it appropriate in the circumstances, direct the lender to stay any enforcement proceedings under the credit agreement, and make such other order as he thinks fit, until the application is determined. (4) The Commissioner may, where he is satisfied that the grounds for the rescheduling of the debt are justified, determine the application and issue an order directing the lender to reschedule the credit agreement according to such option specified in section 14 (2) as is appropriate for the case. (5) The Commissioner shall, as far as possible, determine the application within 6 months of the date of the application. (6) Where the lender and the borrower reach an agreement following an application under subsection (1), the Commissioner shall, within 7 days of the agreement, communicate in writing, by registered post to the parties, the terms of the agreement. (7) The terms of an order under subsection (4) or an agreement under subsection (6) shall not be altered on more than 2 occasions and no subsequent application under subsection (1) shall, save in exceptional circumstances, be entertained by the Commissioner. (8) Any party who is dissatisfied with an order under subsection (4) may, within 21 days of the date of the order, apply to a Judge in Chambers to have the order varied or revoked. [Issue 1] B11 – 8 Revised Laws of Mauritius