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Section 30 – The Presidency – Towns Insolvency Act,1909

The Presidency – Towns Insolvency Act,1909

Section 30. Order on approval

(1) If the Court approves the proposal, the terms shall be embodied in an order of the Court, and an order shall be made annulling the adjudication, and the provisions of section 23, sub-sections (1) and (3), shall thereupon apply, and the composition or scheme shall be binding on all the creditors so far as relates to any debt due to them from the insolvent and provable in insolvency.

(2) The provisions of the composition or scheme may be enforced by the Court on application by any person interested, and any disobedience of an order of the Court made on the application shall be deemed a contempt of Court.

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The Presidency – Towns Insolvency Act,1909

Indian Laws – Bare Acts


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