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Start Free TrialProvincial Insolvency Act, 1920 Section 50
Title: Disallowance and Reduction of Entries in Schedule
State: Central
Year: 1920
(1) Where the receiver thinks that a debt has been improperly entered in the schedule, the Court may, on the application of the receiver and after notice to the creditor, and such inquiry (if any) as the Court thinks necessary, expunge such entry or reduce the amount of the debt. (2) The Court may also, after like inquiry, expunge an entry or reduce the amount of a debt upon the application of a creditor where no receiver has been appointed, or where the receiver declines to interfere in the matter or, in the case of a composition or scheme, upon the application of the debtor.
View Complete Act List Judgments citing this sectionProvincial Insolvency Act, 1920 Section 64
Title: Final Dividend
State: Central
Year: 1920
When the receiver has realised all the property of the insolvent or so much thereof as can, in the opinion of the Court, be realised without needlessly protracting the receivership, he shall declare a final dividend; but before so doing, he shall give notice in manner prescribed to the persons whose claims to be creditors have been notified but not proved, that if they do not prove their claims within the time limited by the notice, he will proceed to make a final dividend without regard to their claims.After the expiration of the time so limited, or if the Court, on application by any such claimant, grants him further time for establishing his claim, then any the expiration of such further time, the property of the insolvent shall be divided among the creditors entered in the schedule without regard to the claims of any other persons.
View Complete Act List Judgments citing this sectionIndian Securities Act, 1920 Section 2
Title: Definitions
State: Central
Year: 1920
In this Act, unless there is anything repugnant in the subject or context,- (a) " Government security" means promissory notes(including treasury bills), stock-certificates, bearer bonds and all other securities issued [Substituted by by the Adaptation of Laws (No.3) Order, 1956, for "by the Central Government or by the Government of any Part A State"] [by the Central Government at any time or by the Government of any part A State before the 1st November, 1956, or by a State Government on or after that date] in respect of any loan contracted either before or after the passing of this Act, but does not include a currency- note ; and (b) "Prescribed" means prescribed by rules made under this Act; [Inserted by the A.O.1937 ][(c)"the Government " or "Government "in relation to any loan or security, means the Government raising the loan or issuing the security.]
View Complete Act List Judgments citing this sectionProvincial Insolvency Act, 1920 Section 82
Title: Savings
State: Central
Year: 1920
Nothing in this Act shall--- (a) affect the Presidency-towns Insolvency Act, 1909 (3 of 1909), {The words and figures "or s.8 of the Lower Burma Courts Act, 1900" rep.by Act 8 of 1930, s.3 and Sch.II.}or (b) apply to cases to which Chapter IV of the Dekkan Agriculturists Relief Act, 1879 (17 of 1879), is applicable.
View Complete Act List Judgments citing this sectionProvincial Insolvency Act, 1920 Section 81
Title: Power of State Government to Bar Application of Certain Provisions to Certain Courts
State: Central
Year: 1920
Any State Government {The words "with the previous sanction of the G.G.in C." rep.by Act 38 of 1920, s.2 and Sch.I} may, by notification in the Official Gazette, declare that any of the provisions of this Act specified in Schedule II shall not apply to insolvency proceedings in any Courts or Courts having jurisdiction under this Act in any part of the territories administered by such Government.
View Complete Act List Judgments citing this sectionProvincial Insolvency Act, 1920 Section 77
Title: Courts to Be Auxiliary to Each Other
State: Central
Year: 1920
All Courts having jurisdiction in insolvency and the officers of such Courts, respectively, shall severally act in aid of and be auxiliary to each other in all matters of insolvency, and an order of a Court seeking aid with a request to another of the said Courts shall be deemed sufficient to enable the latter Court to exercise, in regard to the matters directed by the order, such jurisdiction as either of such Courts could exercise in regard to similar matters within their respective jurisdictions.
View Complete Act List Judgments citing this sectionProvincial Insolvency Act, 1920 Section 76
Title: Costs
State: Central
Year: 1920
The costs of any proceeding under this Act, including the costs of maintaining a debtor in the civil prison, shall subject to any rules made under this Act, be in the discretion of the Court in which the proceeding is had.
View Complete Act List Judgments citing this sectionProvincial Insolvency Act, 1920 Section 67A
Title: Committee of Inspection
State: Central
Year: 1920
{Ins.by Act 39 of 1926, s.5} (1) The Court may, if it thinks fit authorize the creditors who have proved their debts to appoint a committee of inspection for the purpose of superintending the administration of the insolvent's property by the receiver. (2) The persons appointed to a committee of inspection shall be creditors who have proved their debts or persons holding general powers-of-attorney from such creditors. (3) The committee of inspection shall have such powers of control over the proceedings of the receiver as may be prescribed.]
View Complete Act List Judgments citing this sectionProvincial Insolvency Act, 1920 Section 67
Title: Right of Insolvent to Surplus
State: Central
Year: 1920
The insolvent shall be entitled to any surplus remaining after payment in full of his creditors with interest as provided by this Act, and of the expenses of the proceedings taken thereunder.
View Complete Act List Judgments citing this sectionProvincial Insolvency Act, 1920 Section 66
Title: Management by and Allowance to Insolvent
State: Central
Year: 1920
(1) The Court 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 force in the benefit of the creditors, and in any other respect to aid in administering the property in such manner and on such terms as the Court may direct. (2) The Court may, from time to time, make such allowance as it may think just to the insolvent out of his property for the support of himself 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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