Report No. 26
Clause 2
"Court".-Needs no comments.
"Creditor".-No comments needed. As to "sureties", the subject has been discussed in the notes on another clause1.
"Debt".-The definition of "debt" needs no comments.
"Debtor".-The definition of "debtor" has been enlarged so as to include persons of foreign domicile. A full discussion will be found in the notes on another clause2.
"District Court".-Needs no comments.
"Official Assignee".-Since the appointment of Deputy Official Assignees can be made3, this definition becomes necessary. It is unnecessary to say (as the Presidency Act does) that "acting" incumbents are included4.
"Prescribed".-Needs no comments.
"Property".-Needs no comments5.
"Secured creditors".-The inclusive part has been taken from the Presidency Act, as useful.
"Transfer of Property".-The only change made is the addition of the words "or transfer" after "creation". This addition has been made to cover cases of transfer of charge.
Last para.-(Other words, etc.).-Needs no comments, etc.
1. See notes to clause 55.
2. See notes to clause 98.
3. See clause 88.
4. Although the expression adopted in the Bill is "Official Assignee", yet in the Notes on clauses the expression "Official Receiver" has also been used, having regard to existing nomenclature; but this should be understood as referring to the Official Assignee.
5. The meaning of "property" has been explained in a Supreme Court decision. See Muth Ial v. Trustees of the Provident Fund, AIR 1956 SC 336 (341), para. 21.
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