The Presidency – Towns Insolvency Act,1909

The Presidency-Towns Insolvency Act,1909

CONTENTS

Sections

Particulars

Preamble
1 Short title and commencement
2 Definitions
3 Courts having jurisdiction in insolvency
4 Jurisdiction to be exercised by a single Judge
5 Exercise of jurisdiction in chambers
6 Delegation of powers to officers to officers of Court
7 Power of Court to decide all questions arising in insolvency
8 Appeals in insolvency
9 Acts of insolvency
10 Power to adjudicate
11 Restrictions on jurisdiction
12 Conditions on which creditor may petition
13 Proceedings and order on creditors petition
14 Conditions on which debtor may petition
15 Proceedings and order on debtors petition
16 Discretionary powers as to appointment of inter in receiver
17 Effect of order of adjudication
18 Stay of proceedings
18A Control over insolvency proceedings in subordinate Courts
19 Power to appoint special manager
20 Advertisement of order of adjudication
21 Power for Court to annul adjudication in certain cases
22 Concurrent proceedings in Courts in India
23 Proceedings on annulment
24 Insolvents schedule
25 Protection order
26 Meeting of creditors
27 Public examination of the insolvent
28 Submission of proposal and acceptance by creditors
29 Approval of proposal by Court
30 Order on approval
31 Power to re-adjudge debtor insolvent
32 Limitation of effect of composition or scheme
33 Duties of insolvent as to discovery and realization of property
34 Arrest of insolvent
35 Redirection of letters
36 Discovery of Insolvents property
37 Power to issue commissions
38 Discharge of insolvent
39 Cases in which the Court must refuse an absolute discharge
40 Hearing of application for discharge
41 Power to annul adjudication on failure to apply for discharge
42 Renewal of application and variation of te rms of order
43 Duty of discharged insolvent to assist in realization of property
44 Fraudulent settlements
45 Effect of order of discharge
46 Debts provable in insolvency
47 Mutual dealings and set-off
48 Rules as to proof of debts
49 Priority of debts
50 Rent due before adjudication
51 Relation of assignees title
52 Description of insolvents property divisible amongst creditors
53 Restriction of rights of creditor under execution
54 Duties of Court executing decree as to property taken in execution
55 Avoidance of voluntary transfer
56 Avoidance of preference in certain cases
57 Protection of bona fide transactions
58 Possession of property by official assignee
59 Seizure of property of insolvent
60 Appropriation of portion of pay or other income to creditors
61 Vesting and transfer of property
62 Disclaimer of onerous property
63 Disclaimer of leaseholds
64 Power to call on official assignee to disclaim
65 Power for Court to rescind contract
66 Power for Court to make vesting order in respect of disclaimed property
67 Persons injured by disclaimer may prove
68 Duty and powers of official assignee as to realization
69 Declaration and distribution of dividends
70 Joint and separate properties
71 Calculation of dividends
72 Right of creditor who has not proved debt before declaration of a dividend
73 Final dividend
74 No suit for dividend
75 Power to allow insolvent to manage property, and allowance to insolvent for maintenance or service
76 Right of insolvent so surplus
77 Appointment and removal of official assignees of insolvents estate
78 Power to administer oath
79 Duties as regards the insolvents conduct
80 Duty to furnish list of creditors
81 Remuneration
82 Misfeasance
83 Name under which to sue or be sued
84 Office vacated by insol
vency
85 Discretionary powers and control thereof
86 Appeal to Court
87 Control of Court
88 Committee of inspection
89 Control of committee of inspection over official assignee
90 Power of the Court
91 Consolidation of petitions
92 Power to change carriage of petition
93 Continuance of proceedings on death of debtor
94 Power to stay proceedings
95 Power to present petition against a partner
96 Power to dismiss petition against some respondents only
97 Separate insolvency petitions against partners
98 Suits by official assignee and insolvents partners
99 Proceedings in partnership name
100 Warrants of Insolvency Courts
101 Limitation of appeals
101A Exclusion of time in computation of period of limitation in certain cases
102 Undischarged insolvent obtaining credit
103 Punishment of insolvent for certain offences
103A Disqualifications of insolvent
104 Procedure on charge under section 103
105 Criminal liability after discharge or composition
106 Summary administration in small cases
107 Exemption of corporation, etc., from insolvency proceedings
108 Administration in insolvency of estate of person dying insolvent
109 Vesting of estate and mode of administration
110 Payments or transfer by legal representatives
111 Saving of jurisdiction of Administrator-General
112 Rules
113 Sanction to rules
114 Publication of Rules
115 Exemption from duty of transfers, etc., under this Act
116 The Gazette to be evidence
117 Swearing of affidavits
118 Formal defect not to invalidate proceedings
119 Application of Trustee Act to insolvency of trustee
120 Certain provisions to bind the Government
121 Savings for existing rights of audience
122 Lapse and credit to Government of unclaimed dividends
123 Claims to monies credited to Government under section 122
124 Access to insolvents book
125 Fees and percentages
126 Courts to be auxiliary to each other
127 Saving
Schedule
Schedule 1
Schedule 2
Schedule 3

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