Report No. 26
General-This deals with the "Insolvent's Schedule", and follows section 24, Presidency Act. There is no such provision in the Provincial Act.
Sub-clause (1).-This follows section 24(1) of the Presidency Act. There is nothing corresponding to it in the Provincial Act, but it has been adopted as a useful provision.
Sub-clause (2).-The time within which the schedule is to be submitted, has been specified here. Section 24(2) of the Presidency Act makes a detailed provision about the calculation of the time-limit, but it is unnecessary to be so elaborate. It is considered unnecessary to use the word "so" before the word "submitted".
Sub-clause (3).-Section 24(3) of the Presidency Act empowers the court to commit the insolvent to civil prison for failure to file the schedule. This has been considered to be a useful provision for application to the whole of India, and has been adopted.
Sub-clause (4).-This follows section 24(4) of the Presidency Act.
This corresponds to section 26 of the Presidency Act. There is no such provision in the Provincial Act. It has been adopted as useful.
1. This is based on section 27 of the Presidency Act. There is nothing corresponding to it in the Provincial Act, but it has been adopted as a useful provision.
2. Sub-clause (3), which provides for adjournment of the examination, is not found in the Presidency Act, but has been inserted as a useful provision.
3. Public examination, it should be noted, should be held after adjudication1-2.
4. Following section 27(2) , Presidency Act, it has been provided that the examination will be held as soon as possible after expiry of the time for filing the insolvent's schedule3.
5. In sub-clause (6), instead of the existing expression "expedient", the expression "fit" has been substituted, as it Is considered more appropriate.
6. In sub-clause (8), "expedient" has been replaced by '"fit". The expression "lunatic" has been replaced by "of unsound mind", following Article 102 of the Constitution.
1. See suggestion by Mulla, (1958), p. 24, para. 27.
2. See also notes to clause 15.
3. As to insolvent's Schedule, see clause 27.