The provincial insolvency act, 1920 (Bare Act)/
The provincial insolvency act, 1920 (Bare Act)/
Universal Law Publishing
- New Delhi: Universal Law Publishing, 2010.
- 65 p.
THE PROVINCIAL INSOLVENCY ACT, 1887
Introduction . . .
Sections
1. Short title and extent
2. Definitions
PART I
CONSTITUTION AND POWERS OF COURT
3. Insolvency jurisdiction 4. Power of Court to decide all questions arising in insolvency .
5. General powers of Courts
PART II
PROCEEDINGS FROM ACT OF INSOLVENCY TO DISCHARGE
Acts of Insolvency
6^ Acjs of insolvency
Petition
7. Petition and adjudication
8. Exemption of corporation, etc. from insolvency proceedings
9. Conditions on which creditor may petition
10. Conditions on which debtor may petition
11. Court to which petition shall be presented
12. Verification of petition Contents of petition
Withdrawal of petitions Consolidation of petitions
Power to change carriage of proceedings Continuance of proceedings on death of debtor Procedure for admission of petition Procedure on admission of petition Appointment of interim receiver
Interim proceedings against debtor
Duties of debtors
Release of debtor
Procedure at hearing
Dismissal of petition
Award of compensation
Order of adjudication
Order of adjudication
Effect of an order of adjudication
28A. Insolvent's property to comprise certain capacity 29. Stay of pending proceedings 30. Publication of order of adjudication
Proceedings consequent to an order of adjudication
31. Protection order 32. Power to arrest after adjudication
33. Schedule of creditors
34. Debts provable under the Act
Annulment ofadjudication 35. Power to annul adjudication of insolvency 36. Power to cancel one of the concurrent orders of adjudication 37. Proceedings on annulment Compositions and schemes of arrangement 38. Compositions and schemes of arrangement 39. Order of approval 40. Power to re-adjudge debtor insolvent Discharge 41. Discharge 42. Cases in which Court must refuse an absolute discharge. 43. Adjudication to be annulled on failure to apply for discharge
44. Effect of order of discharge
PART 111
ADMINISTRATION OF PROPERTY
Method of proof of debts
45. Debt payable at a future time 46. Mutual dealing and set-off
47. Secured creditors
48. Interest
49. Mode of proof
50. Disallowance and reduction of entries in schedule Effect of insolvency on antecedent transactions 51. Restriction of rights of creditor under execution 52. Duties of Courts executing decree as to property taken in execution 53. Avoidance of voluntary transfer 54. Avoidance of preference in certain cases 54A. By whom petitions for annulment may be made 55. Protection of bone fide transactions Realisation of property
56. Appointment of receiver 57. Power to appoint Official Receivers 58. Powers of Court if no receiver appointed
Duties and powers of receiver Power to require information regarding the insolvent's property Special provisions in regard to immovable property
Distribution of properti/
Priority of debts
Calculation of dividends Right of creditor who has not proved debt
before declaration of a dividend
Final dividend
No suit for dividend Management by and allowance to insolvent Right of insolvent to surplus
Committee of inspection
Appeal to Court against Receiver Appeals to Court against Receiver
PART IV
PENALTIES
Offence by debtors Procedure on charge under section 69
Criminal liability after discharge or composition Undischarged insolvent obtaining credit Disqualifications of insolvent
PARTY
SUMMARY ADMINISTRATION
Summary administration
PART VI
APPEALS
Appeals
PART VII
MISCELLANEOUS
Costs
Courts to be auxiliary to each other
Limitation
Power to make rules
Delegation of powers to Official Receivers Power of State Government to bar application of certain provisions to certain Courts
Savings
Repeals
SCHEDULE I
SCHEDULE II
SCHEDULE III
44
MODEL SPECIMENS Suit for recovery of a debt against an insolvent
Debtor's petition
Creditor's petition Application for withdrawal of petition by a debtor under section 14 Debtor's petition for release Debtor's application for protection order Application by an insolvent for protection order Application by a debtor for an order of discharge Application by a creditor for the arrest of an absconding insolvent. Creditor's petition for annulment
349.54 / UNI/P
THE PROVINCIAL INSOLVENCY ACT, 1887
Introduction . . .
Sections
1. Short title and extent
2. Definitions
PART I
CONSTITUTION AND POWERS OF COURT
3. Insolvency jurisdiction 4. Power of Court to decide all questions arising in insolvency .
5. General powers of Courts
PART II
PROCEEDINGS FROM ACT OF INSOLVENCY TO DISCHARGE
Acts of Insolvency
6^ Acjs of insolvency
Petition
7. Petition and adjudication
8. Exemption of corporation, etc. from insolvency proceedings
9. Conditions on which creditor may petition
10. Conditions on which debtor may petition
11. Court to which petition shall be presented
12. Verification of petition Contents of petition
Withdrawal of petitions Consolidation of petitions
Power to change carriage of proceedings Continuance of proceedings on death of debtor Procedure for admission of petition Procedure on admission of petition Appointment of interim receiver
Interim proceedings against debtor
Duties of debtors
Release of debtor
Procedure at hearing
Dismissal of petition
Award of compensation
Order of adjudication
Order of adjudication
Effect of an order of adjudication
28A. Insolvent's property to comprise certain capacity 29. Stay of pending proceedings 30. Publication of order of adjudication
Proceedings consequent to an order of adjudication
31. Protection order 32. Power to arrest after adjudication
33. Schedule of creditors
34. Debts provable under the Act
Annulment ofadjudication 35. Power to annul adjudication of insolvency 36. Power to cancel one of the concurrent orders of adjudication 37. Proceedings on annulment Compositions and schemes of arrangement 38. Compositions and schemes of arrangement 39. Order of approval 40. Power to re-adjudge debtor insolvent Discharge 41. Discharge 42. Cases in which Court must refuse an absolute discharge. 43. Adjudication to be annulled on failure to apply for discharge
44. Effect of order of discharge
PART 111
ADMINISTRATION OF PROPERTY
Method of proof of debts
45. Debt payable at a future time 46. Mutual dealing and set-off
47. Secured creditors
48. Interest
49. Mode of proof
50. Disallowance and reduction of entries in schedule Effect of insolvency on antecedent transactions 51. Restriction of rights of creditor under execution 52. Duties of Courts executing decree as to property taken in execution 53. Avoidance of voluntary transfer 54. Avoidance of preference in certain cases 54A. By whom petitions for annulment may be made 55. Protection of bone fide transactions Realisation of property
56. Appointment of receiver 57. Power to appoint Official Receivers 58. Powers of Court if no receiver appointed
Duties and powers of receiver Power to require information regarding the insolvent's property Special provisions in regard to immovable property
Distribution of properti/
Priority of debts
Calculation of dividends Right of creditor who has not proved debt
before declaration of a dividend
Final dividend
No suit for dividend Management by and allowance to insolvent Right of insolvent to surplus
Committee of inspection
Appeal to Court against Receiver Appeals to Court against Receiver
PART IV
PENALTIES
Offence by debtors Procedure on charge under section 69
Criminal liability after discharge or composition Undischarged insolvent obtaining credit Disqualifications of insolvent
PARTY
SUMMARY ADMINISTRATION
Summary administration
PART VI
APPEALS
Appeals
PART VII
MISCELLANEOUS
Costs
Courts to be auxiliary to each other
Limitation
Power to make rules
Delegation of powers to Official Receivers Power of State Government to bar application of certain provisions to certain Courts
Savings
Repeals
SCHEDULE I
SCHEDULE II
SCHEDULE III
44
MODEL SPECIMENS Suit for recovery of a debt against an insolvent
Debtor's petition
Creditor's petition Application for withdrawal of petition by a debtor under section 14 Debtor's petition for release Debtor's application for protection order Application by an insolvent for protection order Application by a debtor for an order of discharge Application by a creditor for the arrest of an absconding insolvent. Creditor's petition for annulment
349.54 / UNI/P