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Home Bare Acts Phrase: insolvency Page 1 of about 1,533 results (0.015 seconds)Provincial Insolvency Act, 1920 Part II
Title: Proceedings from Act of Insolvency to Discharge
State: Central
Year: 1920
.....under the provisions of any law referred to in clause (b) on the date of the application.] Explanation - For the purposes of this section the act of an agent may be the act of the principal.] ______________________ 1. Section 6 renumbered as subsection (1) by the Insolvency Laws (Amendment ) Act w.e.f 1-9-79. Prior to Amendment Section 6 Stood as follows "[Acts of insolvency.- A debtor commits an act of insolvency in each of the following cases, namely:- (a) if, in [Substituted by the A.O.1950 for "the Provinces"] [India] or elsewhere, he makes a transfer of all or substantially all his property to a third person for the benefit of his creditors generally; (b) if, in [Substituted by the A.O.1950 for "the Provinces"] [India] or elsewhere, he makes a transfer of his property or of any part thereof with intent to defeat or delay his creditors; (c) if, in [Substituted by the A.O.1950 for "the Provinces"] [India] or elsewhere, he makes any transfer of his property, or of any part thereof, which would, under this or any other enactment for the time being in force, be void as a fraudulent preference if he were adjudged an insolvent; (d) if, with intent to defeat or.....
View Complete Act List Judgments citing this sectionPresidency-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.....
View Complete Act List Judgments citing this sectionProvincial Insolvency Act, 1920 Section 6
Title: Act of Insolvency
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.....
View Complete Act List Judgments citing this sectionPresidency-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.
View Complete Act List Judgments citing this sectionPresidency-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.
View Complete Act List Judgments citing this sectionPresidency-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.....
View Complete Act List Judgments citing this sectionPresidency-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.
View Complete Act List Judgments citing this sectionPresidency-towns Insolvency Act, 1909 Section 79
Title: Duties as Regards the Insolvents Conduct
State: Central
Year: 1909
(1) The duties of an official assignee shall have relation to the conduct of the insolvent as well as to the administration of his estate. (2) In particulars it shall be the duty of the official assignee-- (a) to investigate the conduct of the insolvent and to report to the Court upon any application for discharge, stating whether there is reason to believe that the insolvent has whether there is reason to believe that the insolvent has committed any act which constitutes an offence under this Act or under sections 421 to 424 of the Indian Penal Code in connection with his insolvency or which would justify the Court in refusing, suspending or qualifying an order for his discharge ; (b) to make such other reports concerning the conduct of the insolvent as the Court may direct or as may be prescribed; and (c) to take such part and give assistance in relation to the prosecution of any fraudulent insolvent as the Court may; direct or as may be prescribed.
View Complete Act List Judgments citing this sectionPROVINCIAL 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).]
View Complete Act List Judgments citing this sectionPresidency-towns Insolvency Act, 1909 Section 75
Title: Power to Allow Insolvent to Manage Property, and Allowance to Insolvent for Maintenance or Service
State: Central
Year: 1909
(1) Subject to such conditions and limitations as may be prescribed, the official assignee may appoint the insolvent himself to superintend the management of the property of the insolvent or of any part thereof, or to carry on the trade (if any) of the insolvent, for the benefit of his creditors, and in any other respect to aid in administering the property in such manner and on such terms as the official assignee may direct. (2) Subject as aforesaid, the Court may, from time to time, make such allowance as it thinks just to the insolvent out of his property, for the support of the insolvent and his family, or in consideration of his services, if he is engaged in winding up his estate, but any such allowance may at any time be varied or determined by the Court.
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