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9. After that section insert—
69CA.—(1) This section applies to any legal proceedings brought by a CIO to enforce a right arising out of a contract or conveyance in connection with which there was a failure to comply with section 69C.
(2) The proceedings shall be dismissed if the defendant to the proceedings shows—
(a)that he has a claim against the claimant arising out of the contract or conveyance that he has been unable to pursue by reason of the failure to comply with section 69C, or
(b)that he has suffered some financial loss in connection with the contract or conveyance by reason of the failure to comply with that section,
unless the court before which the proceedings are brought is satisfied that it is just and equitable to permit the proceedings to continue.
(3) This section does not affect the right of any person to enforce such rights as he may have against another person in any proceedings brought by that person.”.
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