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Presidency Towns Insolvency Act, 1909 Complete Act

State: Central

Year: 1909

....."If this Bill be passed into law it will be necessary to repeal the 1848 Act, and this raise a question which deserves consideration. The present Act is an Act of the imperial Parliament and a vesting order made under it vests in the assignee by direct operation all the real and personal estate and effects of the insolvent in whatever part of the King's dominions they may be situate or accrue; and a discharge under the Act has effect in every part of those dominions. The Act is one of those which it is within the competency of the Legislative Council of the Governor-General to repeal, but if it be repealed and an Indian Act be substituted, it follows that these advantages must at least for the most part be abandoned, since an Act of the Indian Legislature cannot operate for this purpose outside the limits of India. In 1886 it was proposed that an Act of the Imperial Parliament should be obtained to give this authority to insolvency proceedings in India, but no such Act has as yet been passed. It is believed, however, that the advantages conferred by the Act of 1848 are of no real value, since experience has shown that in practically every case in which there are assets in both.....

Presidency-towns Insolvency Act, 1909 Part II

Title: Proceedings from Act of Insolvency to Discharge

State: Central

Year: 1909

.....Insolvency and the Provincial Insolvency (Bombay Amendment) Act, 1939 (Bom.15 of 1939), s.2} Explanation.For the purposes of this section, the act of an agent may be the act of the principal, even though the agent have no specific authority to commit the act.{For s.9A, applicable to Bombay only, see s.2, ibid.} Section 10 - Power to adjudicate Subject to the conditions specified in this Act, if a debtor commits an act of insolvency, an insolvency petition may be presented either by a creditor or by the debtor, and the Court may on such petition make an order (hereinafter called an order of adjudication) adjudging him an insolvent. Explanation.The presentation of a petition by the debtor shall be deemed an act of insolvency within the meaning of this section, and on such petition the Court may make an order of adjudication. Section 11 - Restrictions on jurisdiction The Court shall not have jurisdiction to make an order of adjudication, unless (a) the debtor is, at the time of the presentation of the insolvency petition, imprisoned in execution of the decree of a Court for the payment of money in any prison to which debtors are ordinarily committed by the Court in.....

The Insolvency Act, 1955 Complete Act

State: Kerala

Year: 1955

THE INSOLVENCY ACT, 1955 ACT II OF 1956 THE INSOLVENCY ACT, 1955 1 An Act to consolidate and amend the law relating to insolvency. Preamble .-Whereas it is expedient to consolidate and amend the law relating to insolvency; Be it enacted in the Sixth Year of the Republic of India as follows:- 1. Short title extent and commencement .-(1) This Act may be called the 2 [********] insolvency Act, 1955. 3 [ "(2) It extends to the whole of the State of Kerala"] (2) It shall come into force on such date as the Government may, by notification in the Gazette, appoint. 4 2. Definitions .-(1) In this Act, unless the context otherwise requires, (a) "Collector" means the Chief Officer in charge of the revenue administration of the district and includes an acting or officiating Collector and also any officer appointed by the Government to exercise the functions of the Collector; (b) "creditor" includes a decree-holder, "debt" includes a judgment-debt, and "debtor" includes a judgment-debtor; (c) "District Court" means the principal Civil Court of original jurisdiction; (d) "prescribed" means prescribed by rules made under this Act; (e) .....

Presidency-towns Insolvency Act, 1909 Part III

Title: Administration of Property

State: Central

Year: 1909

.....of the act of insolvency on which an order of adjudication is made against him, or (b) if the insolvent is proved to have committed more acts of insolvency than one, the time of the first of the acts of insolvency proved to have been committed by the insolvent within three months next preceding the date of the presentation of the insolvency petition: Provided that no insolvency petition or order of adjudication shall be rendered invalid by reason of any act of insolvency committed anterior to the debt of the petitioning creditor. Section 52 - Description of insolvents property divisible amongst creditors (1) The property of the insolvent divisible amongst his creditors, and in this Act referred to as the property of the insolvent, shall not comprise the following particulars, namely: (a) property held by the insolvent on trust for any other a person; (b) the tools (if any) of his trade and the necessary wearing apparel, bedding, cooking vessel, and furniture of himself, his wife and children, to a value, inclusive of tools and apparel and other necessaries as aforesaid, not exceeding three hundred rupees in the whole. (2) Subject as aforesaid, the property.....

Presidency-towns Insolvency Act, 1909 Part X

Title: Special Provisions

State: Central

Year: 1909

.....or dealt with in such other manner as may be prescribed. Section 110 - Payments or transfer by legal representatives (1) After notice of the presentation of a petition under section 108 no payment or transfer of property made by the legal representative shall operate as a discharge to him as between himself and the official assignee. (2) Save as aforesaid nothing in section 108 or section 109 or this section shall invalidate any payment made or act or thing done in good faith by the legal representative or by a District Judge acting under the powers conferred on him by section 64 of the Administrator-General's Act, 1874 (2 of 1874), before the date of the order for administration. Section 111 - Saving of jurisdiction of Administrator-General The provisions of sections 108, 109 and 110 shall not apply to any case in which probate or letters of administration to the estate of a deceased debtor have been granted to an Administrator-General.

Presidency-towns Insolvency Act, 1909 Section 15

Title: Proceedings and Order on Debtors Petition

State: Central

Year: 1909

(l) A debtor's petition shall allege that the debtor is unable to pay his debts, and, if the debtor proves that he is entitled to present the petition, the Court may thereupon make an order of adjudication, unless in its opinion the petition ought to have been presented before some other Court having insolvency jurisdiction. (2) A debtor's petition shall not, after presentation, be withdrawn without the leave of the Court. {Ins.by Act 19 of 1927, s.3} [(3) On the making of the order admitting his petition.a debtor shall (a) unless the Court otherwise directs, produce all his books of account, and (b) file such lists of creditors and debtors and afford such assistance to the Court as may be prescribed, failing which the Court may dismiss his petition.]

Presidency-towns Insolvency Act, 1909 Section 108

Title: Administration in Insolvency of Estate of Person Dying Insolvent

State: Central

Year: 1909

.....the deceased, make an order for the administration in insolvency of the deceased debtor's estate, or may upon cause shown dismiss the petition with or without costs. (3) A petition for administration under this section shall not be presented to the Court after proceedings have been commenced in any Court of justice for the administration of the deceased debtor's estate; but that Court may in that case, on proof that the estate is insufficient to pay its debts, transfer the proceedings to the Court exercising jurisdiction in insolvency under this Act, and thereupon the last-mentioned Court may make an order for the administration of the estate of the deceased debtor, and the like consequences shall ensue as under an administration order made on the petition of a creditor.

Presidency-towns Insolvency Act, 1909 Section 51

Title: Relation of Assignees Title

State: Central

Year: 1909

The insolvency of a debtor, whether the same takes place on the debtor's own petition or upon that of a creditor or creditors, shall deemed to have relation back to and to commence at-- (a) the time of the commission of the act of insolvency on which an order of adjudication is made against him, or (b) if the insolvent is proved to have committed more acts of insolvency than one, the time of the first of the acts of insolvency proved to have been committed by the insolvent within three months next preceding the date of the presentation of the insolvency petition: Provided that no insolvency petition or order of adjudication shall be rendered invalid by reason of any act of insolvency committed anterior to the debt of the petitioning creditor.

Provincial Insolvency Act, 1920 Schedule 1

Title: Schedule

State: Central

Year: 1920

SCHEDULE I [See section 75 (2)] DECISIONS AND ORDERS FROM WHICH AN APPEAL LIES TO THE HIGH COURT UNDER SECTION 75 (2). Section Nature of decision or order 4 Decision of questions of title, priority, etc., arising in insolvency. 25 Order dismissing a petition. 26 Order awarding compensation. 27 Order of adjudication 33 Orders regarding entries in the schedule. 35 Order annulling adjudication. 37 Order declaring the conditions on which the debtor's property shall revert to him on annulment of adjudication. 41 Order on applied on for discharge. 50 Order disallowing or reducing entries in the schedule. 53 Order annulling a voluntary transfer. 54 Decision that a transfer of property is a preference in favour of a creditor. {The entry relating to s.69 was rep.by Act 12 of 1927, s.2 and Sch.

Bombay Agricultural Debtors Relief Act, 1947, (Maharashtra) Complete Act

Title: the Bombay Agricultural Debtors Relief Act, 1947

State: Maharashtra

Year: 1947

Preamble - THE ACT FOR AVOIDING WAGERS (AMENDMENT) ACT, 1865 Section 1 - Contracts declared null and void. No suit allowed on such contracts Section 2 - Nor for commission or brokerage, etc., in respect of agreements by way of gaming or wagering Section 3 - Payments for which guardian and personal representative not to be allowed credit Section 4 - Repeal and savings Section 5 - Number and gender