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The Presidency-Towns Insolvency Act, 1909

Central

An Act to amend the Law of Insolvency in the Presidency towns ***

Act number
3 of 1909
Ministry
Ministry of Corporate Affairs
Enacted
12 Mar 1909

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.

130 sections

  1. Section 1Short title and commencement.
  2. Section 2Definitions.
  3. Section 3Courts having jurisdiction in insolvency.
  4. Section 4Jurisdiction to be exercised by a single Judge.
  5. Section 5Exercise of jurisdiction in chambers.
  6. Section 6Delegation of powers to officers to officers of Court.
  7. Section 7Power of Court to decide all questions arising in insolvency.
  8. Section 8Appeals in insolvency.
  9. Section 9Acts of insolvency .
  10. Section 10Power to adjudicate.
  11. Section 11Restrictions on jurisdiction.
  12. Section 12Conditions on which creditor may petition.
  13. Section 13Proceedings and order on creditors petition.
  14. Section 14Conditions on which debtor may petition.
  15. Section 15Proceedings and order on debtors petition.
  16. Section 16Discretionary powers as to appointment of inter in receiver.
  17. Section 17Effect of order of adjudication.
  18. Section 18Stay of proceedings.
  19. Section 18AControl over insolvency proceedings in subordinate Courts.
  20. Section 19Power to appoint special manager.
  21. Section 20Advertisement of order of adjudication.
  22. Section 21Power for Court to annul adjudication in certain cases.
  23. Section 22Concurrent proceedings in Courts in India.
  24. Section 23Proceedings on annulment.
  25. Section 24Insolvents schedule.
  26. Section 25Protection order.
  27. Section 26Meeting of creditors.
  28. Section 27Public examination of the insolvent.
  29. Section 28Submission of proposal and acceptance by creditors.
  30. Section 29Approval of proposal by Court.
  31. Section 30Order on approval.
  32. Section 31Power to re-adjudge debtor insolvent.
  33. Section 32Limitation of effect of composition or scheme.
  34. Section 33Duties of insolvent as to discovery and realization of property.
  35. Section 34Arrest of insolvent.
  36. Section 35Redirection of letters.
  37. Section 36Discovery of Insolvents property.
  38. Section 37Power to issue commissions.
  39. Section 38Discharge of insolvent.
  40. Section 39Cases in which the Court must refuse an absolute discharge.
  41. Section 40Hearing of application for discharge.
  42. Section 41Power to annul adjudication on failure to apply for discharge.
  43. Section 42Renewal of application and variation of terms of order.
  44. Section 43Duty of discharged insolvent to assist in realization of property.
  45. Section 44Fraudulent settlements.
  46. Section 45Effect of order of discharge.
  47. Section 46Debts provable in insolvency.
  48. Section 47Mutual dealings and set-off.
  49. Section 48Rules to proof of debts.
  50. Section 49Priority of debts.
  51. Section 50Rent due before adjudication.
  52. Section 51Relation of assignees title.
  53. Section 52Description of insolvents property divisible amongst creditors.
  54. Section 53Restriction of rights of creditor under execution.
  55. Section 54Avoidance of voluntary transfer.
  56. Section 55Duties of Court executing decree as to property taken in execution.
  57. Section 56Avoidance of preference in certain cases.
  58. Section 57Protection of bona fide transactions.
  59. Section 58Possession of property by official assignee.
  60. Section 59Seizure of property of insolvent.
  61. Section 60Appropriation of portion of pay or other income to creditors.
  62. Section 61Vesting and transfer of property.
  63. Section 62Disclaimer of onerous property.
  64. Section 63Disclaimer of leaseholds.
  65. Section 64Power to call on official assignee to disclaim.
  66. Section 65Power for Court to rescind contract.
  67. Section 66Power for Court to make vesting order in respect of disclaimed property.
  68. Section 67Persons injured by disclaimer may prove.
  69. Section 68Duty and powers of official assignee as to realization.
  70. Section 69Declaration and distribution of dividends.
  71. Section 70Joint and separate properties.
  72. Section 71Calculation of dividends.
  73. Section 72Right of creditor who has not proved debt before declaration of a dividend.
  74. Section 73Final dividend.
  75. Section 74No suit for dividend.
  76. Section 75Power to allow insolvent to manage property, and allowance to insolvent for maintenance or service.
  77. Section 76Right of insolvent so surplus.
  78. Section 77Appointment and removal of official assignees of insolvents estate.
  79. Section 78Power to administer oath.
  80. Section 79Duties as regards the insolvents conduct.
  81. Section 80Duty to furnish list of creditors.
  82. Section 81Remuneration.
  83. Section 82Misfeasance.
  84. Section 83Name under which to sue or be sued.
  85. Section 84Office vacated by insolvency.
  86. Section 85Discretionary powers and control thereof.
  87. Section 86Appeal to Court.
  88. Section 87Control of Court.
  89. Section 88Committee of inspection.
  90. Section 89Control of committee of inspection over official assignee.
  91. Section 90Power of the Court.
  92. Section 91Consolidation of petitions.
  93. Section 92Power to change carriage of petition.
  94. Section 93Continuance of proceedings on death of debtor.
  95. Section 94Power to stay proceedings.
  96. Section 95Power to present petition against a partner.
  97. Section 96Power to dismiss petition against some respondents only.
  98. Section 97Separate insolvency petitions against partners.
  99. Section 98Suits by official assignee and insolvents partners.
  100. Section 99Proceedings in partnership name.
  101. Section 100Warrants of Insolvency Courts.
  102. Section 101Limitation of appeals.
  103. Section 101AExclusion of time in computation of period of limitation in certain cases.
  104. Section 102Undischarged insolvent obtaining credit.
  105. Section 103Punishment of insolvent for certain offences.
  106. Section 103ADisqualifications of insolvent.
  107. Section 104Procedure on charge under section 103.
  108. Section 105Criminal liability after discharge or composition.
  109. Section 106Summary administration in small cases.
  110. Section 107Exemption of corporation, etc., from insolvency proceedings.
  111. Section 108Administration in insolvency of estate of person dying insolvent.
  112. Section 109Vesting of estate and mode of administration.
  113. Section 110Payments or transfer by legal representatives.
  114. Section 111Saving of jurisdiction of Administrator-General.
  115. Section 112Rules.
  116. Section 113Sanction to rules.
  117. Section 114Publication of Rules.
  118. Section 115Exemption from duty of transfers, etc., under this Act.
  119. Section 116The Gazette to be evidence.
  120. Section 117Swearing of affidavits.
  121. Section 118Formal defect not to invalidate proceedings.
  122. Section 119Formal defect not to invalidate proceedings.
  123. Section 120Certain provisions to bind the Government.
  124. Section 121Certain provisions to bind the Government.
  125. Section 122Lapse and credit to Government of unclaimed dividends.
  126. Section 123Claims to monies credited to Government under section 122.
  127. Section 124Access to insolvents book.
  128. Section 125Fees and percentages.
  129. Section 126Courts to be auxiliary to each other.
  130. Section 127Saving.