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Provincial Insolvency Act, 1920 Part II

Title: Proceedings from Act of Insolvency to Discharge

State: Central

Year: 1920

.....the amount due under the decree or order and require the debtor to pay the same or to furnish security for the payment of such amount to the satisfaction of the creditor or his agent; (d) specify for its compliance a period of not less than one month after its service on the debtor or, if it is to be served on a debtor residing whether permanently or temporarily, outside India, such period (being not less than one month) as may be specified by the order of the District Court granting leave for the service of such notice; (e) state the consequences of non-compliance with the notice. (4) No insolvency notice shall be deemed to be invalid by reason only that the sum specified therein as the amount due under the decree or order exceeds the amount actually due, unless the debtor, within the period specified in the insolvency notice for its compliance, gives notice to the creditor that the sum specified in the insolvency notices does not correctly represent the amount due under the decree or order : Provided that if the debtor does not give any such notice as aforesaid, he shall be deemed to have complied with the insolvency notice if, within the period specified therein for.....

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Presidency-towns Insolvency Act, 1909 Part II

Title: Proceedings from Act of Insolvency to Discharge

State: Central

Year: 1909

.....petition (1) A creditor's petition shall be verified by affidavit of the creditor, or of some person on his behalf having knowledge of the facts. (2) At the hearing the Court shall require proof of (a) the debt of the petitioning creditor, and (b) the act of insolvency, or, if more than one act of insolvency is alleged in the petition, some one of the alleged acts of insolvency. (3) The Court may adjourn the hearing of 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.....

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Presidency-towns Insolvency Act, 1909 Complete Act

Title: Presidency-towns Insolvency Act, 1909

State: Central

Year: 1909

..... Section63 - Disclaimer of leaseholds Section64 - Power to call on official assignee to disclaim Section65 - Power for Court to rescind contract Section66 - Power for Court to make vesting order in respect of disclaimed property Section67 - Persons injured by disclaimer may prove Section68 - Duty and powers of official assignee as to realization Section69 - Declaration and distribution of dividends Section70 - Joint and separate properties Section71 - Calculation of dividends Section72 - Right of creditor who has not proved debt before declaration of a dividend Section73 - Final dividend Section74 - No suit for dividend Section75 - Power to allow insolvent to manage property, and allowance to insolvent for maintenance or service Section76 - Right of insolvent so surplus Part IV Section77 - Appointment and removal of official assignees of insolvents estate Section78 - Power to administer oath Section79 - Duties as regards the insolvents conduct Section80 - Duty to furnish list of creditors Section81 - Remuneration Section82 - Misfeasance Section83 - Name under which to sue or be sued Section84 - Office vacated by insolvency Section85 - Discretionary.....

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Provincial Insolvency Act, 1920 Section 6

Title: Act of Insolvency

State: Central

Year: 1920

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Provincial Insolvency Act, 1920 Complete Act

Title: Provincial Insolvency Act, 1920

State: Central

Year: 1920

.....- Protection of order Section32 - Power to arrest after adjudication Section33 - Schedule of creditors Section34 - Debts provable under the Act Section35 - Power to annul adjudication of insolvency Section36 - Power to cancel one of concurrent orders of adjudication Section37 - Proceedings on annulment Section38 - Compositions and schemes of arrangement Section39 - Order on approval Section40 - Power to re-adjudge debtor insolvent Section41 - Discharge Section42 - Cases in which Court must refuse an absolute discharge Section43 - Adjudication to be annulled on failure to apply for discharge Section44 - Effect of order of discharge Part III Section45 - Debt payable at a future time Section46 - Mutual dealings and setoff Section47 - Secured creditors Section48 - Interest Section49 - Mode of proof Section50 - Disallowance and reduction of entries in schedule Section51 - Restriction of rights of creditor under execution Section52 - Duties of Court executing decree as to property taken in execution Section53 - Avoidance of voluntary transfer Section54 - Avoidance of preference in certain cases Section54A - By whom petitions for annulment may be made .....

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Presidency-towns Insolvency Act, 1909 Section 27

Title: Public Examination of the Insolvent

State: Central

Year: 1909

.....in writing and shall be read over either to or by the insolvent and signed by him, and may thereafter be used in evidence against him and shall be open to the inspection of any creditor at all reasonable times. (7) When the Court is of opinion that the affairs of the insolvent have been sufficiently investigated, it shall, by order, declare that his examination is concluded, but such order shall not preclude the Court from directing further examination of the insolvent whenever it may deem fit to do so. (8) Where the insolvent is a lunatic or suffers from any such mental or physical affliction or disability as in the opinion of the Court makes him unfit to attend his public examination, or is a woman who according to the customs and manners of the country ought not to be compelled to appear in public, the Court may make an order dispensing with such examination, or directing that the insolvent be examined on such terms, in such manner and at such place as to the Court seems expedient.

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Presidency-towns Insolvency Act, 1909 Section 52

Title: Description of Insolvents Property Divisible Amongst Creditors

State: Central

Year: 1909

.....may be acquired by or devolve on him before his discharge; (b) the capacity to exercise and to take proceedings for exercising all such powers in or over or in respect of property as might have been exercised by the insolvent for his own benefit at the commencement of his insolvency or before his discharge; and (c) all goods being at the commencement of the insolvency in the possession, order or disposition of the insolvent, in his trade or business by the consent and permission of the true owner under such circumstances that he is the reputed owner thereof: Provided that things in action other than debts due or growing due to the insolvent in the course of his trade or business shall not be deemed goods within the meaning of clause (c): Provided also that the true owner of any goods which have become divisible among the creditors of the insolvent under the provisions of clause (c) may prove for the value of such goods.

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Presidency-towns Insolvency Act, 1909 Section 77

Title: Appointment and Removal of Official Assignees of Insolvents Estate

State: Central

Year: 1909

..... (2) Every official assignee {Ins.by Act 10 of 1930, s.4} [and every deputy official assignee] shall give such security and shall be subject to such rules and shall act in such manner as may be prescribed. {This sub-section has been replaced by another in Calcutta: see s.3 (c), ibid} (3) Not withstanding anything in sub-section (1), the persons substantively or temporarily holding the office of official assignee immediately before the commencement of this Act in the Courts for the relief of Insolvent Debtors at Calcutta, Madras and Bombay respectively under the {Rep.by this Act} Indian Insolvency Act, 1848, {The words "and in the Chief Court of Lower Burma under that Act as applied by the Lower Burma Courts Act, 1900" rep.by the A.O.1937} shall, without further appointment for that purpose, become the official assignees, substantive or temporary, as the case may be, under this Act in the High Courts at Fort William, Madras and Bombay {The words "and in the Chief Court of Lower Burma" rep., ibid} respectively.{For s.77A, applicable to Bombay and Madras, see the Presidency-towns Insolvency (Bombay Amendment) act, 1933 (Bom.20 of 1933), s.3 and the Presidency-towns Insolvency.....

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Presidency-towns Insolvency Act, 1909 Section 36

Title: Discovery of Insolvents Property

State: Central

Year: 1909

.....admits] that he has in his possession any property belonging to the insolvent, the Court may, on the application of the official assignee, order him to deliver to the official assignee that property, or any part thereof at such time, in such manner and on such terms as to the Court may seem just. (6) Orders made under sub-sections (4) and (5) shall be executed in the same manner as decrees for the payment of money or for the delivery of property under the Code of Civil Procedure, 1908, respectively. (7) Any person making any payment or delivery in pursuance of an order made under sub-section (4) or sub-section (5) shall by such payment or delivery be discharged from all liability whatsoever in respect of such debt or property.

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PROVINCIAL INSOLVENCY ACT, 1920 Section 28A

Title: Insolvent's property to comprise certain capacity

State: Central

Year: 1920

[Inserted by Act 25 of 1948, section 2] The property of the insolvent shall comprise and shall In always be deemed to have comprised also the capacity to exercise and to take proceedings for exercising all such powers in or over or in respect of property as might have been exercised by the insolvent for his own benefit at the commencement of his insolvency or before his discharge: Provided that nothing in this section shall affect any sale, mortgage or other transfer of the property of the insolvent by a Court or receiver or the Collector acting under section 60 made before the commencement of the Provincial Insolvency (Amendment) Act, 1948 (25 of 1948) which has been the subject of a final decision by a competent Court: Provided further that the property of the insolvent shall not be deemed by reason of anything contained in this section to comprise his capacity referred to in this section in respect of any such sale, mortgage or other transfer of property made in the State of Madras after the 28th day of July, 1942, and before the commencement of the Provincial Insolvency (Amendment) Act, 1948 (25 of 1948).]

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