Report No. 26
7. Contents of petition.-(1) Every insolvency petition presented by a debtor shall contain the following particulars, namely:-
(a) a statement that the debtor is unable to pay his debts;
(b) the place where he ordinarily resides carries on business or personally works for gain, or, if he has been arrested or imprisoned, the place where he is in custody;
(c) the court (if any) by whose order he has been arrested or imprisoned, or by which an order has been made for the attachment of his property, together with particulars of the decree or order in respect of which any such order has been made;
(d) the amount and particulars of all pecuniary claims against him, together with the names and residences of his creditors so far as they are known to, or can by the exercise of reasonable care and diligence be ascertained by, him;
(e) the amount and particulars of all his property, together with
(i) a specification of the value of all such property not consisting of money;
(ii) the place or places at which any such property is to be found; and
(iii) a declaration of his willingness to place at the disposal of the court all such property, save in so far as it includes such particulars (not being his books of accounts) as are exempted by the Code of Civil Procedure, 1908 (5 of 1908), or by any other enactment for the time being in force, from liability to attachment and sale in execution of a decree;
(f) a statement whether the debtor has on any previous occasion filed a petition to be adjudged an insolvent, and (where such petition has been filed),-
(i) if such petition has been dismissed the reasons for such dismissal, or
(ii) if the debtor has been adjudged an insolvent, concise particulars of the insolvency, including a statement whether any previous adjudication has been annulled and, if so, the grounds therefor;
(g) particulars of all transfers of property made by the debtor within the period of two years immediately preceding the date of the presentation of the petition, and the manner in which the money or other consideration (if any) received for such transfer was applied by the debtor.
[Section 13(1), P.A.] [Cf. section 15(1), part, P.T.A.]
(2) The debtor shall, along with his petition, produce a list of the books of accounts relating to his affairs.
[New]
(3) Every insolvency petition presented by a creditor or creditors shall set forth the particulars regarding the debtor specified in clause (b) of sub-section (1), and shall also specify-
(a) the act of insolvency committed by such debtor, together with the date of its commission;
(b) the amount and particulars of his or their pecuniary claim or claims against such debtor; and
(c) when the debtor is not a citizen of India, particulars sufficient to show how the court has jurisdiction.
[Section 13(2), P.A.]
8. Verification of petition.-Every insolvency petition shall be verified in the prescribed manner.
[Section 12, P.A.] [Cf. section 13(1), P.T.A.]
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