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The provincial insolvency act, 1920 (Bare Act)/ Universal Law Publishing

Material type: Text

TextPublication details: New Delhi: Universal Law Publishing, 2010Description: 65 pDDC classification: 349.54

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THE PROVINCIAL INSOLVENCY ACT, 1887 Introduction . . . Sections 1. Short title and extent 2. Definitions PART I CONSTITUTION AND POWERS OF COURT 3. Insolvency jurisdiction 4. Power of Court to decide all questions arising in insolvency . 5. General powers of Courts PART II PROCEEDINGS FROM ACT OF INSOLVENCY TO DISCHARGE Acts of Insolvency 6^ Acjs of insolvency Petition 7. Petition and adjudication 8. Exemption of corporation, etc. from insolvency proceedings 9. Conditions on which creditor may petition 10. Conditions on which debtor may petition 11. Court to which petition shall be presented 12. Verification of petition Contents of petition Withdrawal of petitions Consolidation of petitions Power to change carriage of proceedings Continuance of proceedings on death of debtor Procedure for admission of petition Procedure on admission of petition Appointment of interim receiver Interim proceedings against debtor Duties of debtors Release of debtor Procedure at hearing Dismissal of petition Award of compensation Order of adjudication Order of adjudication 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 Proceedings consequent to an order of adjudication 31. Protection order 32. Power to arrest after adjudication 33. Schedule of creditors 34. Debts provable under the Act Annulment ofadjudication 35. Power to annul adjudication of insolvency 36. Power to cancel one of the concurrent orders of adjudication 37. Proceedings on annulment Compositions and schemes of arrangement 38. Compositions and schemes of arrangement 39. Order of approval 40. Power to re-adjudge debtor insolvent Discharge 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 PART 111 ADMINISTRATION OF PROPERTY Method of proof of debts 45. Debt payable at a future time 46. Mutual dealing and set-off 47. Secured creditors 48. Interest 49. Mode of proof 50. Disallowance and reduction of entries in schedule Effect of insolvency on antecedent transactions 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 bone fide transactions Realisation of property 56. Appointment of receiver 57. Power to appoint Official Receivers 58. Powers of Court if no receiver appointed Duties and powers of receiver Power to require information regarding the insolvent's property Special provisions in regard to immovable property Distribution of properti/ Priority of debts Calculation of dividends Right of creditor who has not proved debt before declaration of a dividend Final dividend No suit for dividend Management by and allowance to insolvent Right of insolvent to surplus Committee of inspection Appeal to Court against Receiver Appeals to Court against Receiver PART IV PENALTIES Offence by debtors Procedure on charge under section 69 Criminal liability after discharge or composition Undischarged insolvent obtaining credit Disqualifications of insolvent PARTY SUMMARY ADMINISTRATION Summary administration PART VI APPEALS Appeals PART VII MISCELLANEOUS Costs Courts to be auxiliary to each other Limitation Power to make rules Delegation of powers to Official Receivers Power of State Government to bar application of certain provisions to certain Courts Savings Repeals SCHEDULE I SCHEDULE II SCHEDULE III 44 MODEL SPECIMENS Suit for recovery of a debt against an insolvent Debtor's petition Creditor's petition Application for withdrawal of petition by a debtor under section 14 Debtor's petition for release Debtor's application for protection order Application by an insolvent for protection order Application by a debtor for an order of discharge Application by a creditor for the arrest of an absconding insolvent. Creditor's petition for annulment

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Item type	Current library	Call number	Status	Date due	Barcode	Item holds
Bare Acts and Legal Education Series	Central Library, Sikkim University General Book Section	349.54 UNI/P (Browse shelf(Opens below))	Not for loan		P12733

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THE PROVINCIAL INSOLVENCY ACT, 1887
Introduction . . .
Sections
1. Short title and extent
2. Definitions
PART I
CONSTITUTION AND POWERS OF COURT
3. Insolvency jurisdiction 4. Power of Court to decide all questions arising in insolvency .
5. General powers of Courts
PART II
PROCEEDINGS FROM ACT OF INSOLVENCY TO DISCHARGE
Acts of Insolvency
6^ Acjs of insolvency
Petition
7. Petition and adjudication
8. Exemption of corporation, etc. from insolvency proceedings
9. Conditions on which creditor may petition
10. Conditions on which debtor may petition
11. Court to which petition shall be presented
12. Verification of petition Contents of petition
Withdrawal of petitions Consolidation of petitions
Power to change carriage of proceedings Continuance of proceedings on death of debtor Procedure for admission of petition Procedure on admission of petition Appointment of interim receiver
Interim proceedings against debtor
Duties of debtors

Release of debtor
Procedure at hearing
Dismissal of petition
Award of compensation
Order of adjudication
Order of adjudication
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
Proceedings consequent to an order of adjudication
31. Protection order 32. Power to arrest after adjudication
33. Schedule of creditors
34. Debts provable under the Act
Annulment ofadjudication 35. Power to annul adjudication of insolvency 36. Power to cancel one of the concurrent orders of adjudication 37. Proceedings on annulment Compositions and schemes of arrangement 38. Compositions and schemes of arrangement 39. Order of approval 40. Power to re-adjudge debtor insolvent Discharge 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
PART 111
ADMINISTRATION OF PROPERTY
Method of proof of debts
45. Debt payable at a future time 46. Mutual dealing and set-off
47. Secured creditors
48. Interest
49. Mode of proof
50. Disallowance and reduction of entries in schedule Effect of insolvency on antecedent transactions 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 bone fide transactions Realisation of property
56. Appointment of receiver 57. Power to appoint Official Receivers 58. Powers of Court if no receiver appointed

Duties and powers of receiver Power to require information regarding the insolvent's property Special provisions in regard to immovable property
Distribution of properti/
Priority of debts
Calculation of dividends Right of creditor who has not proved debt
before declaration of a dividend
Final dividend
No suit for dividend Management by and allowance to insolvent Right of insolvent to surplus
Committee of inspection
Appeal to Court against Receiver Appeals to Court against Receiver
PART IV
PENALTIES
Offence by debtors Procedure on charge under section 69
Criminal liability after discharge or composition Undischarged insolvent obtaining credit Disqualifications of insolvent
PARTY
SUMMARY ADMINISTRATION
Summary administration
PART VI
APPEALS
Appeals
PART VII
MISCELLANEOUS
Costs
Courts to be auxiliary to each other
Limitation
Power to make rules
Delegation of powers to Official Receivers Power of State Government to bar application of certain provisions to certain Courts
Savings
Repeals
SCHEDULE I
SCHEDULE II
SCHEDULE III
44

MODEL SPECIMENS Suit for recovery of a debt against an insolvent
Debtor's petition
Creditor's petition Application for withdrawal of petition by a debtor under section 14 Debtor's petition for release Debtor's application for protection order Application by an insolvent for protection order Application by a debtor for an order of discharge Application by a creditor for the arrest of an absconding insolvent. Creditor's petition for annulment

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