Bare Act Search Results

Presidency-towns Insolvency Act, 1909 Schedule II

Title: Proof of Debts

State: Central

Year: 1909

..... 13. Amendment of valuation.- Where a creditor has so valued his security, he may at any time amend the valuation and proof on showing to the satisfaction of the official assignee, or the Court, that the valuation and proof were made bona fide on a mistaken estimate, or that the security has diminished or increased in value since its previous valuation; but every such amendment shall be made at the cost of the creditor, and upon such terms as the Court shall order, unless the official assignee shall allow the amendment without application to the Court. 14. Refund of excess received.- Where a valuation has been amended in accordance with the foregoing rule, the creditor shall forthwith repay any surplus dividend which he has received in excess of that to which he would have been entitled on the amended valuation, or, as the case may be, shall be entitled to be paid out of any money for the time being available for dividend, any dividend or share of dividend which he has failed to receive by reason of the inaccuracy of the original valuation, before that money is made applicable to the payment of any future dividend, but he shall not be entitled to disturb the distribution of.....

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of those which it is within the competency of the Legislative Council of the Governor-General to repeal, but if it be repealed and an Indian Act be substituted, it follows that these advantages must at least for the most part be abandoned, since an Act of the Indian Legislature cannot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.....