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Report No. 26

Insolvency Laws

Contents
Insolvency Laws
Genesis of Report
Historical Background
Consolidation of the two Insolvency Acts into one
Insolvency jurisdiction of subordinate courts and appeals
Insolvency jurisdiction of High Courts in Presidency Towns
Official Assignees and Official Receivers
Jurisdiction of Insolvency Courts
Acts of Insolvency
Discharge
Relation back
Reputed ownership
Burden of proof regarding voluntary transfers
Fraudulent preference
"Void" and "voidable"
Period of limitation in case of fraudulent preferences
After-acquired property
Priority of debts
Appendix I Proposals as Shown in the Form of a Draft Bill
Index to Appendix I
The Insolvency Bill, 19....
Chapter I Preliminary
1. Short title, extent and commencement
2. Definitions
Chapter II Acts of Insolvency
3. Acts of insolvency
Chapter III Insolvency Petitions
4. Petition of insolvency
5. Conditions on which creditor may petition
6. Conditions on which debtor may petition
7,8. Contents of petition and Verification of petition
9. Appointment of interim receiver
10. Admission of petitions
11. Release of debtor
12. Interim proceedings against the debtor
13. Protection order before adjudication
14. Duties of debtors
15. Procedure at the hearing of the petition
Chapter IV Adjudication
16. Order on creditor's petition
17. Order on debtor's petition
18. Order to specify period for discharge
19. Effect of an order of adjudication
20. Stay of pending proceedings
21. Suit by Official Assignee and insolvent's partners
22. Publication of order of adjudication
23. Relation back1 of insolvency
24. Protection order after adjudication
25. Power to arrest after adjudication
26. Redirection of postal articles
27. Insolvent's schedule
28. Meetings of creditors
29. Public examination of insolvent
30. Power to annul adjudication
31. Power to cancel one of concurrent orders of adjudication
32. Proceedings on annulment
Chapter V Compositions and Schemes of Arrangement
33. Submission of proposal and acceptance by creditors
34. Approval of proposal by court
35. Order on approval
36. Power to re-adjudge debtor insolvent
Chapter VI Discharge
37. Discharge
38. Cases in which court must refuse an absolute discharge
39. Power to annul adjudication for failure to apply for discharge
40. Renewal of application and variation of terms of order
41. Duty of discharged insolvent to assist in realisation of property
42. Effect of fraudulent settlements on discharge
43. Effect of order of discharge
Chapter VII Administration of Property
44. Debts provable in insolvency
45. Mutual dealings and set-off
46. Persons injured by disclaimer may prove
47. Proof of debts
48. Description of insolvent's property divisible amongst creditors
49. Second or subsequent bankruptc
50. Intimation of after-acquired property
51. Property in possession of insolvent
52. Restrictions on rights of creditor under execution
53. Duties of court executing decree or order as to property
54. Avoidance of voluntary transfer
55,56. Avoidance of preference in certain cases
57. Protection of bona fide transactions
58. Validity of certain payments to insolvent
59. Recovery of property or proceeds thereof in case of void or voidable transactions
60. Possession of property by Official Assignee
61. Seizure of property of insolvent
62. Appropriation of portion of pay or other income to creditors
63. Inspection of goods pledged
64. Copyright
65. Disclaimer of onerous property
66. Disclaimer of leaseholds
67. Power to call on Official Assignee to disclaim
68. Power for court to rescind contract
69. Power for court to make vesting order in respect of disclaimed property
70. Power to require information regarding insolvent's property
71. Power to issue commissions
72. Priority of debts
73,74. Rent due before adjudication
75. Calculation of dividends
76. Right of creditor who has proved his debt after declaration of dividend
77. Final dividend
78. No suit for dividend
79. Management by and allowance to insolvent
80. Right of insolvent to surplus after payment in full
81. Credit to Government of unclaimed dividends
82. Committee of inspection
Chapter VIII Summary Administration
83. Summary administration
Chapter IX Administration in Insolvency of Estates of Deceased Persons
84. Administration in insolvency of estates of deceased persons
85. Vesting of estate and mode of administration
86. Payment or transfer by legal representative
87. Saving of Jurisdiction of Administrator-General
Chapter X Official Assignees and Special Managers
88. Official Assignees
89,90. Official Assignee to be a corporation sole
91. Duties and powers of Official Assignee
92. Declaration and distribution of dividends
93. Discretionary powers and control thereof
94. Control of court
95. Power to appoint special manager
96. Delegation of powers to Official Assignee
Chapter XI Jurisdiction and Procedure
97. Courts having jurisdiction in insolvency
98. Restrictions on jurisdiction
99. Jurisdiction to decide questions
100. General powers of courts
101. Other powers
102,103. Powers of the High Court to control insolvency proceedings
104. Consolidation of petitions
105. Power to substitute petitioner in certain cases
106,107. Exemption of corporation, etc. from insolvency proceedings
108,109. Proceedings in partnership name or assumed name
110. Special provisions with respect to High Courts having jurisdiction in insolvency
111,112. Power to dismiss petitions against some respondents only
113. Courts to be auxiliary to each other
114. Warrants of insolvency courts
Chapter XII Appeal and Review
115. Appeal to court against Official Assignee
116. Appeals against orders of district courts and subordinate courts
First Schedule Meeting of Creditors
Meeting of Creditors
Second Schedule Proof of Debts
Proof in ordinary cases
Proof by secured creditors
Taking accounts of property mortgaged, and of the sale thereof
Periodical payments
Interest
Debt payable at a future time
Admission or rejection of proof
Third Schedule Decisions and orders from which an appeal lies to the High Court under section 121(2)*
Decisions and orders from which an appeal lies to the High Court under section 121(2)*
Appendix II Notes on Clauses
Clause 1
Clause 2
Clause 3
Clause 4
Clause 5
Clause 6
Clause 7 and 8
Clause 9
Clause 10
Clause 11 and 12
Clause 13
Clause 14
Clause 15
Clause 16
Clause 17 and 18
Clause 19
Clause 20 and 21
Clause 22
Clause 23 and 24
Clause 25 and 26
Clause 27 to 29
Clause 30 and 31
Clause 32
Clause 33
Clause 34 to 36
Clause 37
Clause 38
Clause 39
Clause 40
Clause 41 to 43
Clause 44
Clause 45 to 47
Clause 48
Clause 49 to 51
Clause 52
Clause 53 and 54
Clause 55 and 56
Clause 57
Clause 58 to 60
Clause 61 to 64
Clauses 65 to 69
Clause 70
Clause 71 to 75
Clause 76 to 80
Clause 81 to 85
Clause 86 to 90
Clause 91 to 95
Clause 96 and 97
Clause 98
Clause 99
Clause 100 to 104
Clause 105 and 107
Clause 108 to 111
Clause 112
Clause 113 to 118
Clause 119 and 120
Clause 121 to 125
Clause 126 to 130
Clause 131 to 135
Clause 136 to 139
Appendix III Comparative Tables
Table A Showing the Provision in the Provincial Insolvency Act, 1920, and the Corresponding Provision, if any, in Appendix I
Table B Showing the Provision in the Presidency-Towns Insolvency Act, 1909, and the Corresponding Provision, if any, in Appendix I
Appendix IV Number of Undischarged Insolvents under the Presidency Towns Insolvency Act, 1909, in the three High Courts
Table No. 1 to 3 Bombay, Calcutta and Madras


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