Bare Act Search Results

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of those which it is within the competency of the Legislative Council of the Governor-General to repeal, but if it be repealed and an Indian Act be substituted, it follows that these advantages must at least for the most part be abandoned, since an Act of the Indian Legislature cannot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

Bengal Excise Act, 1909 Complete Act

State: West Bengal

Year: 1909

.....spirits of wine, spirit, wine, tari, pachwai, beer, 2828. Words and figures subs. for the words and figures "Section 261 of the Bengal Municipal Act 1884" by W.B. Act 34 of 1965. * * * * * and any substance which the 2929. Word subs. for the words "excisable article" by the Government of India (Adaptation of Indian Laws) Order, 1937. [State Government] may, by notification, declare to be liquor for the purposes of this Act. 3030. Word subs. for the words "excisable articles" by the Government of India (Adaptation of Indian Laws) Order. 1937. Explanatton. In this clause "spirit of wine" means plain spirit of or above such strength as the State Government may, by notification, specify ; (15) "manufacture" includes (I) every process, whether natural or artificial, by which any 3131. Word subs. for the words "excisable article" by the Government of India (Adaptation Indian Laws) Order, 1937. [intoxicant] is produced or prepared (including the tapping of tari-producing trees and the drawing of tart from trees), (II) re-distillation, and (III) every process for the rectification, flavouring, blending or colouring of liquor, 3232. Words subs. for the words "is kept" by W.B. Act.....

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 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.....

Presidency-towns Insolvency Act, 1909 Section 46

Title: Debts Provable in Insolvency

State: Central

Year: 1909

..... (2) A person having notice of the presentation of any insolvency petition by or against the debtor shall not prove for any debt or liability contracted by the debtor subsequently to the date of his so having notice. (3) Save as provided by sub-sections (1) and (2), all debts and liabilities, present or future, certain or contingent, to which the debtor is subject when he is adjudged an insolvent or to which he may become subject before his discharge by reason of any obligation incurred before the date of such adjudication, shall be deemed to be debts provable in insolvency. (4) An estimate shall be made by the official assignee of the value of any debt or liability provable as aforesaid which by reason of its being subject to any contingency or contingencies, or for any other reason, does not bear a certain value: Provided that if in his opinion the value of the debt or liability is incapable of being fairly estimated, he shall issue a certificate to that effect, and thereupon the debt or liability shall be deemed to be a debt not provable in insolvency. Explanation.For the purposes of this section "liability" includes any compensation for work or labour done, any.....

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 Part VI

Title: Procedure

State: Central

Year: 1909

.....nothing in this sub-section shall in any way limit the jurisdiction conferred on the Court under this Act. (2) Subject to the provisions of this Act and rules, the costs of and incidental to any proceeding in the Court shall be in the discretion of the Court. (3) The Court may at any time adjourn any proceedings before it upon such terms, if any, as it thinks fit to impose. (4) The Court may at any time amend any written process or proceeding under this Act upon such terms, if any, as it thinks fit to impose. (5) Where by this Act or by rules the time for doing any act or thing is limited, the Court may extend the time either before or after the expiration thereof, upon such terms, if any, as the Court thinks fit to impose. (6) Subject to rules, the Court may in any matter take the whole or any part of the evidence either viva voce or by interrogatories, or upon affidavit, or by commission. (7) For the purpose of approving a composition or scheme by joint debtors the Court may, if it thinks fit, and on the report of the official assignee that it is expedient so to do, dispense with the public examination of one of the joint debtors if he is unavoidably prevented.....

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.....

Presidency-towns Insolvency Act, 1909 Section 29

Title: Approval of Proposal by Court

State: Central

Year: 1909

.....which may be made by or on behalf of any creditor. (4) Where the Court is of opinion that the terms of the proposal are not reasonable or are not calculated to benefit the general body of creditors or in any case in which the Court is required to refuse the insolvent's discharge, the Court shall refuse to approve the proposal. (5) Where any facts are proved on proof of which the Court would be required either to refuse, suspend or attach conditions to the debtor's discharge, the Court shall refuse to approve the proposal unless it provides reasonable security for payment of not less than four annas in the rupee on all the unsecured debts provable against the debtor's estate. (6) No composition or scheme shall be approved by the Court which does not provide for the payment in priority to other debts of all debts directed to be so paid in the distribution of the property of an insolvent. (7) In any other case the Court may either approve or refuse to approve the proposal.

Presidency-towns Insolvency Act, 1909 Section 41

Title: Power to Annul Adjudication on Failure to Apply for Discharge

State: Central

Year: 1909

If an insolvent does not appear on the day so appointed for hearing his application for discharge or if an insolvent shall not apply to the Court for an order of discharge within such time as may for be prescribed, the Court, on the application of the official assignee or of a creditor or of its own motion, may annul the adjudication or make such other order as it may think fit, and the provisions of section 23 shall apply on such annulment.