Section 3. Re-opening of transactions

3. Re-opening of transactions.— (1) Notwithstanding anything in the Usury Laws Repeal Act, 1855 (28 of 1855), where, in any suit to which this Act applies, whether heard ex parte or otherwise, the Court has reason to believe, — (a) that the interest is excessive; and (b) that the transaction was, as between the parties thereto, substantially unfair, the Court may exercise all or any of the following powers, namely, may,— (i) re-open the transaction, take an account between the parties, and relieve the debtor of all liability in respect of any excessive interest;