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Section 74 – The Provincial Insolvency Act,1920

The Provincial Insolvency Act,1920

Section 74. Summary administration

When a petition is presented by or against a debtor, if the Court is satisfied by affidavit or otherwise that the property of the debtor is not likely to exceed in value of five hundred rupees, the Court may make an order that the debtor’s estate be administered in a summary manner, and thereupon the provisions of this Act shall be, subject to the following modifications, namely,-

(i) Unless the Court otherwise directs, no notice required under this Act shall be published in the Official Gazette;

(ii) On the admission of a petition by a debtor, the property of the debtor shall vest in the Court as a receiver;

(iii) At the hearing of the petition, the Court shall inquire into the debts and assets of the debtor and determine the same by order in writing, and it shall not be necessary to frame a schedule under the provisions of Section 33;

(iv) The property of the debtor shall be realized with all reasonable despatch and thereafter, when practicable, distributed in a single dividend;

(v) The debtor shall apply for his discharge within six months from the date of adjudication; and

(vi) Such other modifications as may be prescribed with the view of saving expense and simplifying procedure:

Provided that the Court may at any time direct that the ordinary procedure provided for in this Act shall be followed in regard to the debtor’s estate, and thereafter the Act shall have effect accordingly.

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The Provincial Insolvency Act,1920

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