14. Scheme for settlement of debts.-
(1) When the amount due in respect of the debts and liabilities mentioned in section 11 has been finally determined, the Manager shall prepare and submit to the Board of Revenue a schedule of such debts and liabilities, and a scheme for the settlement thereof in whole or in part out of the residue referred to in section 7 annually available during the lifetime of the Nawab Bahadur; and the Board of Revenue may approve the scheme without modification or subject to such modification as it deems expedient.
(2) The scheme shall provide for payment in full, as soon as may be, of-
(a) first, arrears of wages due to servants of the Nawab Bahadur, determined in accordance with the forgoing provisions, and
(b) secondly, claims of each creditor whose claims in the aggregate do not exceed five hundred rupees, as so determined; and the scheme shall further provide that any balance left after meeting the above claims and each annual residue thereafter shall be distributed rateably among the other creditors of the Nawab Bahadur in payment of their claims, as so determined.