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The Provincial Insolvency Act,1920

The Provincial Insolvency Act,1920


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1 Short title and extent
2 Definitions
3 Insolvency jurisdictions
4 Power of Court to decide all questions arising in insolvency
5 General powers of Courts
6 Acts of insolvency
7 Petition and adjudication
8 Exemption of corporation, etc. from insolvency proceedings
9 Conditions on which creditor may petition
10 Conditions on which debtor tiny petitioner
11 Court to which petition shall be presented
12 Verification of petition
13 Contents of petition
14 Withdrawal of petitions
15 Consolidation of petitions
16 Power to change carriage of proceedings
17 Continuance of proceedings on death of debtor
18 Procedure for admission of petition
19 Procedure on admission of petitioner
20 Appointment of interim receiver
21 Interim proceedings against debtor
22 Duties of debtors
23 Release of debtor
24 Procedure at hearing
25 Dismissal of petition
26 Award of compensation
27 Order of adjudication
28 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
31 Protection order
32 Power to arrest after adjudication
33 Schedule of creditors
34 Debts provable under the Act
35 Power to annul adjudication of insolvency
36 Power to cancel one of the concurrent orders of adjudication
37 Proceedings on annulment
38 Compositions and schemes of arrangement
39 Order of approval
40 Power to re-adjudge debtor insolvent
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
45 Debt payable at a future time
46 Mutual dealings and set-off
47 Secured creditors
48 Interest
49 Mode of proof
50 Disallowance and reduction of entries in schedule
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 bona fide transactions
56 Appointment of receiver
57 Power to appoint Official Receivers
58 Powers of Court if no receiver appointed
59 Duties and powers of receiver
59A Power to require information regarding the insolvent’s property
60 Special provisions in regard to immovable property
61 Priority of debts
62 Calculation of dividends
63 Right of creditor who has not proved debt before declaration of a dividend
64 Final dividend
65 No suit for dividend
66 Management by and allowance to insolvent
67 Right of insolvent to surplus
67A Committee of Inspection
68 Appeals to Court against Receiver
69 Offences by debtors
70 Procedure on charge under Section 69
71 Criminal liability after discharge or composition
72 Undercharged insolvent obtaining credit
73 Disqualifications of insolvent
74 Summary administration
75 Appeals
76 Costs
77 Courts to be auxiliary to each other
78 Limitation
79 Power to make rules
80 Delegation of powers to Official Receivers
81 Power of State Government to bar application of certain provisions to certain Courts
82 Savings
83 Repeals
  Schedule 1
  Schedule 2


Indian Laws – Bare Acts



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