The Presidency – Towns Insolvency Act,1909

Posted on 15/12/201207/02/2013 by ADMIN Leave a comment

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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