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Home Bare Acts Phrase: debtor executorBombay Agricultural Debtors Relief Act, 1947, (Maharashtra) Section 47
Title: Court to Declare Debtor Insolvent in Certain Circumstances
State: Maharashtra
Year: 1947
.....provided that the total annual installments in which the balance of the debts shall be paid in such installments shall not exceed twenty or the Court may make an order adjudicating the debtor an insolvent.] (2) After the debtor has been adjudicated an insolvent, the Court shall direct that such portion of the property of the debtor, liable to attachment and sale under section 60 of the Code of Civil Procedure, 1883, excluding such portion thereof as the 2[State] Government shall from time to time notify in the Official Gazette as the minimum necessary for the maintenance of the debtor and his dependents, as may be required to liquidate all the debts of the debtor, shall immediately be sold free of all encumbrances in liquidation of all debts outstanding against such debtor. _____________ 1. This sub-section (1A) was inserted by Bom. 41 of 1951,Section 3. 2. This word was substituted for the word "Provincial" by the Adaptation of Laws Order, 1950.
View Complete Act List Judgments citing this sectionBombay Agricultural Debtors Relief Act, 1947, (Maharashtra) Section 5
Title: Every Creditor and Debtor to File a True and Correct Statement Before Court
State: Maharashtra
Year: 1947
(1) Notwithstanding the fact that no application has been filed under section 4 - (a) every creditor, on being required to do so by notice in writing by any of his debtors, shall, within two months from the date of the receipt of such notice, file before the Court a true and correct statement of all his claims against such debtor, and shall at the same time send a copy thereof to such debtor, and (b) every debtor, on being required to do so by notice in writing by any of his creditors, shall, within two months from the date of the receipt of such notice, file before the Court a true and correct statement -- (i) of all the debts owned by such debtor; (ii) whether he holds any land used for agricultural purposes and whether he has been cultivating land personally; (iii) of his income from agriculture and from sources other than agriculture in the year preceding the date of the notice. The debtor shall at the same time send a copy of such statement to such creditor : Provided that, the Court may, for sufficient cause, extend, from time to time, the period within which the creditor or the debtor, as the case may be, may file such statement. (2) Every debtor or creditor.....
View Complete Act List Judgments citing this sectionBombay Agricultural Debtors Relief Act, 1947, (Maharashtra) Section 6
Title: Application by Debtor Jointly and Severally Liable
State: Maharashtra
Year: 1947
(1) If the payment of a debt due by a debtor is guaranteed by a surety or if a debtor is otherwise jointly and severally liable for any debt along with any other person and if the surety or such other person is not a debtor, the debtor may make an application under section 4 for relief in respect of such debt and the Court may after consideration of the facts and circumstances of the case proceed with the adjustment of debts under this Act in so far as such applicant is concerned. (2) Whenever the debts due by a debtor which are guaranteed by a surety are adjusted under sub-section (1), the surety shall be discharged from liability in respect of the debts or portion of the debts of such debtor which are extinguished under sub-section (1) of section 15, sub-section (3) of section 17, sub-section (5) of section 26, section 34 or sub-section (2) of section 35; and the surety shall not be entitled to proceed against the debtor in respect of such debts or portion.
View Complete Act List Judgments citing this sectionBombay Agricultural Debtors Relief Act, 1947, (Maharashtra) Section 31
Title: Debts Payable by Debtors to Be Scaled Down
State: Maharashtra
Year: 1947
(1) Notwithstanding any law, custom, contract, award or decree of a Court to the contrary the amounts found due under section 22 from a debtor shall be further scaled down in the manner hereinafter provided. (2) If all the debts found due by a debtor after taking accounts under section 22 are unsecured, such debts shall be further scaled down pro rata to the paying capacity of the debtor. (3) If all the debts found due by after taking accounts under section 22, are secured debts, and the total amount of such debts is more than sixty per cent. of the value of the property belonging to the debtor, such debts shall be, further scaled down pro rata to the paying capacity of the debtor. (4) If the debts found due by a debtor after taking accounts under section 22 are both secured and unsecured, and if the total amount of the secured debts is more than sixty per cent of the value of the property on which such debts are secured, the secured debts shall be further scaled down pro rata to sixty per cent. of the value of other the property on which such debts are secured and the unsecured debts shall be further scaled down pro rata to sixty per cent. of the value of the other.....
View Complete Act List Judgments citing this sectionBombay Agricultural Debtors Relief Act, 1947, (Maharashtra) Section 14
Title: Service of Notice on Debtors and Creditors to Submit Statement of Debts
State: Maharashtra
Year: 1947
On receipt of an application for adjustment of debts, the Court shall -- (a) give notice to the debtor (unless the debtor is himself an applicant) and to every creditor (other than the creditor who is himself an applicant) whose name and address are given in the application, and (b) publish a general notice, requiring the debtor and all creditors to submit a statement in the prescribed form within one month from the date of the service of the notice or the publication of the general notice, whichever is later : Provided that, if the Court is satisfied that the debtor or any creditor is for good and sufficient cause unable to comply with the notice within the time specified therein it may extend the period for the submission of the statement.
View Complete Act List Judgments citing this sectionBombay Agricultural Debtors Relief Act, 1947, (Maharashtra) Preamble
Title: the Bombay Agricultural Debtors Relief Act, 1947
State: Maharashtra
Year: 1947
THE BOMBAY AGRICULTURAL DEBTORS RELIEF ACT, 1947 [Act No. 28 of 1947]1 [27th May, 1947] PREAMBLE An Act to consolidate and amend the law for the relief of agricultural debtors in the Province of Bombay. WHEREAS it is expedient to consolidate and amend the law for the relief of agricultural debtors in the Province of Bombay and for certain other purposes specified herein; It is hereby enacted as follows:-- ______________ 1. For Statement of Objects and Reasons, see Bombay Government Gazette, 1947, Pt. V. page 65; for Proceedings in Assembly, see Bombay Legislative Assembly Debates, 1947, Vol. X: and for Proceedings in Council, see Bombay Legislative Council Debates, 1947, Vol. XII.
View Complete Act List Judgments citing this sectionBombay Agricultural Debtors Relief Act, 1947, (Maharashtra) Section 16
Title: Duties of Debtors and Creditors
State: Maharashtra
Year: 1947
(1) Every debtor by or against whom an application is made under section 4 or who is a party to an application made under section 8 shall produce all books of accounts and shall give such inventories of his property and such lists of his creditors and debtors and of the debts due from and to him, submit to such examination in respect of his property or his creditors, attend at such time before the Court, and generally do all such things as may be required by the Court or as may be prescribed. (2) It shall be the duty of every creditor to produce such books of accounts, to submit to such examination and to supply such information in respect of the debt due to him by the debtor and the securities held by him, as may be required by the Court or as may be prescribed.
View Complete Act List Judgments citing this sectionBOMBAY AGRICULTURAL DEBTORS RELIEF ACT, 1947, (Maharashtra) Section 41
Title: Court may order sale of debtor's property in liquidation of his debt
State: Maharashtra
Year: 1947
If the Court or the Court hearing an appeal against the award is at any time satisfied that it is in the interest of a debtor that any part of his property should be sold in liquidation of his debt or part thereof, such Court may permit the debtor to sell such part of the property for such purpose within a specified period. If the debtor fails so to sell it, such Court may order an officer of the Court to sell the same. The property ordered to be sold under this section shall be sold by such officer in the manner prescribed : Provided that, the part of the property ordered to be sold under this section shall not exceed the part liable to be sold under sub-section (2) of section 47.
View Complete Act List Judgments citing this sectionBombay Agricultural Debtors Relief Act, 1947, (Maharashtra) Section 29
Title: Value of Property of Debtor to Be Determined by Court in Prescribed Manner
State: Maharashtra
Year: 1947
(1) Subject to the provisions of sub-sections (2), (3) and (4), the value of the property and other assets of a debtor for the purposes of ascertaining the paying capacity of the debtor under section 27 shall be determined by the Court in the prescribed manner. (2) The property or assets which are exempt from attachment in execution of a decree of a Civil Court under the Code of Civil Procedure, 1908, shall not be taken into account. (3) The amount of the debts mentioned in section 3 shall be deducted. (4) The market value of the lands, which under any law for the time being in force, are not transferable or alienable except with the previous sanction of the Collector or the 1[State] Government, shall be calculated in such manner as may be prescribed. _____________ 1. This word was substituted for the word "Provincial" by the Adaptation of Laws Order, 1950.
View Complete Act List Judgments citing this sectionBombay Agricultural Debtors Relief Act, 1947, (Maharashtra) Section 54
Title: Power of State Government to Authorise Any Person to Advance Loans to Debtors
State: Maharashtra
Year: 1947
Power of 1[State] Government to authorise any person to advance loans to debtors (1) The 1[State] Government 2[or any officer empowered by it] may by notification in the Official Gazette authorise in any local area any person to advance loans to debtors who are parties to any proceedings under this Act or in respect of whose debts an adjustment has been made under this Act. (2) Such authority shall be granted on such conditions as may be prescribed. _______________ 1. This word was substituted for the word "Provincial" by the Adaptation of Laws Order, 1950. 2. These words were inserted by Bom. 70 of 1948.Section 22.
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