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The Provincial Insolvency Act, 1920

Central

An Act to consolidate and amend the Law relating to Insolvency *** as administered by Courts having jurisdiction outside the Presidency-towns ***.

Act number
5 of 1920
Ministry
Ministry of Corporate Affairs
Enacted
25 Feb 1920
In force from
25 Feb 1920

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

87 sections

  1. Section 1Short title and extent.
  2. Section 2Definitions.
  3. Section 3Insolvency jurisdiction.
  4. Section 4Power of Court to decide all questions arising in insolvency.
  5. Section 5General powers of Courts.
  6. Section 6Act of insolvency.
  7. Section 7Petition and adjudication.
  8. Section 8Exemption of corporation, etc., from insolvency proceedings.
  9. Section 9Conditions on which creditor may petition.
  10. Section 10Conditions on which debtor may petition.
  11. Section 11Court to which petition shall be presented.
  12. Section 12Verification of petition.
  13. Section 13Contents of petition.
  14. Section 14Withdrawal of petitions.
  15. Section 15Consolidation of petitions.
  16. Section 16Power to change carriage of proceedings.
  17. Section 17Continuance of proceedings on death of debtor.
  18. Section 18Procedure for administration of petition.
  19. Section 19Procedure on admission of petition.
  20. Section 20Appointment of interim receiver.
  21. Section 21Interim proceedings against debtor.
  22. Section 22Duties of debtors.
  23. Section 23Release of debtor.
  24. Section 24Procedure at hearing.
  25. Section 25Dismissal of petition.
  26. Section 26Award of compensation.
  27. Section 27Order of adjudication.
  28. Section 28Effect of an order of adjudication.
  29. Section 28AInsolvent's property to comprise certain capacity.
  30. Section 29Stay of pending proceeding.
  31. Section 30Publication of order of adjudication.
  32. Section 31Protection of order.
  33. Section 32Power to arrest after adjudication.
  34. Section 33Schedule of creditors.
  35. Section 34Debts provable under the Act.
  36. Section 35Power to annul adjudication of insolvency.
  37. Section 36Power to cancel one of concurrent orders of adjudication.
  38. Section 37Proceedings on annulment.
  39. Section 38Compositions and schemes of arrangement.
  40. Section 39Order on approval.
  41. Section 40Power to re-adjudge debtor insolvent.
  42. Section 41Discharge.
  43. Section 42Cases in which Court must refuse an absolute discharge.
  44. Section 43Adjudication to be annulled on failure to apply for discharge.
  45. Section 44Effect of order of discharge.
  46. Section 45Debt payable at a future time.
  47. Section 46Mutual dealings and setoff.
  48. Section 47Secured creditors.
  49. Section 48Interest.
  50. Section 49Mode of proof.
  51. Section 50Disallowance and reduction of entries in schedule.
  52. Section 51Restriction of rights of creditor under execution.
  53. Section 52Duties of Court executing decree as to property taken in execution.
  54. Section 53Avoidance of voluntary transfer.
  55. Section 54Avoidance of preference in certain cases.
  56. Section 54ABy whom petitions for annulment may be made.
  57. Section 55Protection of bona fide transactions.
  58. Section 56Appointment of Receiver.
  59. Section 57Power to appoint Official Receivers.
  60. Section 58Powers of Court if no receiver appointed.
  61. Section 59Duties and powers of receiver.
  62. Section 59APower to require information regarding insolvent's property.
  63. Section 60Special provisions in regard to immovable property.
  64. Section 61Priority of debts.
  65. Section 62Calculation of dividends.
  66. Section 63Right of creditor who has not proved debt before declaration of a dividend.
  67. Section 64Final dividend.
  68. Section 65No suit for dividend.
  69. Section 66Management by and allowance to insolvent.
  70. Section 67Right of insolvent to surplus.
  71. Section 67ACommittee of inspection.
  72. Section 68Appeal to Court against receiver.
  73. Section 69Offences by debtors.
  74. Section 70Procedure on charge under section 69.
  75. Section 71Criminal liability after discharge or composition.
  76. Section 72Undischarged insolvent obtaining credit.
  77. Section 73Disqualifications of insolvent.
  78. Section 74Summary administration.
  79. Section 75Appeals.
  80. Section 76Costs.
  81. Section 77Courts to be auxiliary to each other.
  82. Section 78Limitation.
  83. Section 79Power to make rules Power to make rules.
  84. Section 80Delegation of powers to Official Receivers.
  85. Section 81Power of State Government to bar application of certain provisions to certain Courts.
  86. Section 82Savings.
  87. Section 83Repeals.