Creditor S Bill - Bare Acts

Companies Act, 2013, Section 230

Title: Power to Compromise or Make Arrangements with Creditors and Members

State: Central

Year: 2013

.....company or any other person, by whom an application is made under subsection (1), shall disclose to the Tribunal by affidavit-- (a) all material facts relating to the company, such as the latest financial position of the company, the latest auditor's report on the accounts of the company and the pendency of any investigation or proceedings against the company; (b) reduction of share capital of the company, if any, included in the compromise or arrangement; (c) any scheme of corporate debt restructuring consented to by not less than seventy-five per cent. of the secured creditors in value, including-- (i) a creditor's responsibility statement in the prescribed form; (ii) safeguards for the protection of other secured and unsecured creditors; (iii) report by the auditor that the fund requirements of the company after the corporate debt restructuring as approved shall conform to the liquidity test based upon the estimates provided to them by the Board; (iv) where the company proposes to adopt the corporate debt restructuring guidelines specified by the Reserve Bank of India, a statement to that effect; and (v) a valuation report in respect of the shares and the.....

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Presidency-towns Insolvency Act, 1909 Section 13

Title: Proceedings and Order on Creditors Petition

State: Central

Year: 1909

.....the petition and order service thereof on the debtor. (4) The Court shall dismiss the petition (a) if it is not satisfied with the proof of the facts referred to in sub-section (2); or (b) if the debtor appears and satisfies the Court that he is able to pay his debts, or that he has not committed an act of insolvency or that for other sufficient cause no order ought to be made. (5) The Court may make an order of adjudication if it is satisfied with the proof above referred to, or if on a hearing adjourned under sub-section (3) the debtor does not appear and service of the petition on him is proved, unless in its opinion the petition ought to have been presented before some other Court having insolvency jurisdiction. (6) Where the debtor appears on the petition and denies that he is indebted to the petitioner, or that he is indebted to such an amount as would justify the petitioner in presenting a petition against him, the Court, on such security (if any) being given as the Court may require for payment to the petitioner of any debt which may be established against the debtor in due course of law, and of the costs of establishing the debt, may, instead of dismissing the.....

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ADMINISTRATORS-GENERAL ACT, 1963 Section 39

Title: Creditor's suit against Administrator-General

State: Central

Year: 1963

(1) If any suit be brought by a creditor against any Administrator-General, such creditor shall be liable to pay the costs of the suit unless he proves that not less than one month previous to the institution of the suit he had applied in writing to the Administrator-General, stating the amount and other particulars of his claim, and had given such evidence in support thereof as, in the circumstances of the case, the Administrator-General was reasonably entitled to require. (2) If any such suit is decreed in favour of the creditor, he shall, nevertheless, unless he is a secured creditor, be only entitled to payment of the amount decreed or ordered by the court to be paid out of the assets of the deceased equally and rateable with the other creditors.

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Companies Act, 1956 Section 557

Title: Meetings to Ascertain Wishes of Creditors or Contributories

State: Central

Year: 1956

(1) In all matters relating to the winding up of a company, the1[Tribunal] may - (a) have regard to the wishes of creditors or contributories of the company, as proved to it by any sufficient evidence; (b) if it thinks fit for the purpose of ascertaining those wishes direct meetings of the creditors or contributories to be called, held and conducted in such manner as the1[Tribunal] directors; and (c) appoint a person to act as chairman of any such meeting and to report the result thereof to the1[Tribunal]. (2) When ascertaining the wishes of creditors, regard shall be had to the value of each creditor's debt. (3) When ascertaining the wishes of contributories, regard shall be had to the number of voles which may be cast by each contributory. _____________________ 1. Substituted by Act 11 of 2003, Section 112, for "Court".

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Bombay Agricultural Debtors Relief Act, 1947, (Maharashtra) Section 21

Title: Examination of Creditor and Debtor

State: Maharashtra

Year: 1947

In an application for the adjustment of debts if the amount of the creditor's claim is disputed, the Court shall, when taking accounts, examine both the creditor and the debtor as witnesses, unless for reasons to be recorded the Court deems it unnecessary so to do.

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EMPLOYEE'S COMPENSATION ACT, 1923 Chapter 2

Title: EMPLOYEES'S COMPENSATION

State: Central

Year: 1923

.....(2)" (w.e.f. 1-6-1959). 13. The words "solely and" omitted by Act 15 of 1933, sec. 3. 14. Substituted by the Workmen's Compensation (Amendment) Act, 2009 [Act No. 45 of 2009] to be effective from 23rd December, 2009 previous text was:- "workman" 15. Substituted by the Workmen's Compensation (Amendment) Act, 2009 [Act No. 45 of 2009] to be effective from 23rd December, 2009 previous text was:- "Workmen" Section 4 - Amount of compensation 1[(1) Subject to the provisions of this Act, the amount of compensation shall be as follows, namely:-- (a) where death results an from the injury amount equal to 2[fifty per cent.] of the monthly wages of the deceased 14[employee] multiplied by the relevant factor; or an amount of 9[one lakh and twenty thousand rupees], whichever is more; (b) where permanent total disablement results from the injury an amount equal to 4[sixty per cent.] of the monthly wages of the injured 14[employee] multiplied by the relevant factor; or an amount of 10[one lakh and forty thousand rupees], whichever is more; .....

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DISPLACED PERSONS (DEBTS ADJUSTMENT) ACT, 1951 Section 14

Title: Procedure on displaced creditor's petition

State: Central

Year: 1951

(1) Where an application under section 13 has been made to the Tribunal, the Tribunal shall cause notice thereof to be given to the debtor, calling upon him to show cause, if any, against the application. (2) If there is a dispute as to whether the applicant is a displaced creditors or not or as to the existence of the debt or as to the amount thereof, the Tribunal shall decide the matter, after taking such evidence as may be produced before it, and pass such decree in relation thereto as it thinks fit. (3) If there is no such dispute or if the debtor does not appear or has no cause to show, the Tribunal may, after considering the evidence placed before it, pass such decree in relation thereto as it thinks fit.

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INDIAN TRUSTS ACT, 1882 Section 87

Title: Debtor becoming creditor's representative

State: Central

Year: 1882

Where a debtor becomes the executor or other legal representative of his creditor, he must hold the debt for the benefit of the persons interested therein.

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DISPLACED PERSONS DEBTS ADJUSTMENT ACT, 1951 Section 14

Title: Procedure on displaced creditor's petition

State: Central

Year: 1951

(1) Where an application under section 13 has been made to the Tribunal, the Tribunal shall cause notice thereof to be given to the debtor, calling upon him to show cause, if any, against the application. (2) If there is a dispute as to whether the applicant is a displaced creditors or not or as to the existence of the debt or as to the amount thereof, the Tribunal shall decide the matter, after taking such evidence as may be produced before it, and pass such decree in relation thereto as it thinks fit. (3) If there is no such dispute or if the debtor does not appear or has no cause to show, the Tribunal may, after considering the evidence placed before it, pass such decree in relation thereto as it thinks fit.

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Indian Bills of Lading Act, 1856 Preamble 1

Title: Indian Bills of Lading Act, 1856

State: Central

Year: 1856

INDIAN BILLS OF LADING ACT, 1856 [Act, No. 9 of 1856] [11th April, 1956] PREAMBLE An Act to amend the law relating to Bills of Lading. WHEREAS by the custom of merchants a bill of lading of goods being transferable by endorsement, the property in the goods may thereby pass to the endorsee, but nevertheless all rights in respect of the contract contained in the bill of lading continue in the original shipper or owner, and it is expedient that such rights should pass with the property; AND WHEREAS it frequently happens that the goods in respect of which bills of lading purport to be signed have not been laden on board, and it is proper that such bills of lading in the hands of a bona fide holder for value should not be questioned by the master or other person signing the same, on the ground of the goods not having been laden as aforesaid, It is enacted as follows: -

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