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THE INSOLVENCY ACT, 1955
(II of 1956)
CONTENTS
1.
Short title, extent and commencement
2.
Definitions
3.
Insolvency jurisdiction
4.
Power of Court to decide all questions arising in insolvency
5.
General powers of Courts
6.
Acts of insolvency.
7.
Petition and adjudication
8.
Exemption of corporation etc., from insolvency proceedings
9.
Conditions on which creditor may petition
10.
Conditions on which debtor may petition.
11.
Court to which petition shall be presented
12.
Verification of petition
13.
Contents of petition
14.
Withdrawal of petitions
15.
Consolidation of petitions
16.
Power to charge carriage of proceedings
17.
Continuance of proceedings on death of debtor
18.
Procedure for admission of petition
19.
Procedure on admission of petition
20.
Appointment of interim receiver.
21.
Interim proceedings against debtor
22.
Duties of debtors
23.
Release of debtors
24.
Procedure at hearing
25.
Dismissal of petitions
26.
Award of compensation
27.
Order of adjudication
28.
Effect of an order of adjudication
29.
Insolvent's property to comprise certain capacity
30.
Stay of pending proceedings
31.
Publication of order of adjudication
32.
Protection order
33.
Power to arrest after adjudication
34.
Schedule of creditors
35.
Debts provable under the Act
36.
Power to annual adjudication of insolvency.
37.
Power to cancel one of concurrent orders of adjudication
38.
Proceedings on annulment
39.
Compositions and schemes of arrangement
40.
Order on approval
41.
Power to re-adjudge debtor insolvent
42.
Discharge
43.
Cases in which Court must refuse an absolute discharge
44.
Adjudication to be annulled on failure to apply for discharge
45.
Effect of order of discharge
46.
Debt payable at future time
47.
Mutual dealings and set off
48.
Secured creditors
49.
Interest
50.
Mode of proof
51.
Disallowance and reduction of entries in schedule
52.
Restriction of rights of creditor under execution
53.
Duties of Court executing decree as to property taken in execution
54.
Avoidance of voluntary transfer
55.
Avoidance of preference in certain cases
56.
By whom petitions for annulment may be made
57.
Protection of bonafide transactions
58.
Appointment of receiver
59.
Power to appoint Official Receivers
60.
Power of Court if no receiver appointed
61.
Duties and powers of receiver
62.
Power to require information regarding insolvent’s property
63.
Special provisions in regard to immovable property
64.
Priority of debts
65.
Calculation of dividends
66.
Right of creditor who has not proved debt before declaration of a dividend
67.
Final dividend
68.
No suit for dividend
69.
Management by and allowance to insolvent
70.
Right of insolvent to surplus
71.
Committee of inspection
72.
Appeal to Court against receiver
73.
Offences by debtors
74.
Procedure on charge under Section 73
75.
Criminal liability after discharge or composition
76.
Undischarged insolvent obtaining credit
77.
Disqualifications of insolvent
78.
Summary administration
79.
Appeals
80.
Costs
81.
Courts to be auxiliary to each other
82.
Limitation
83.
Power to make rules
84.
Delegation of powers to Official Receivers
85.
Power of Government to bar application of certain provisions to certain Courts
86.
Repeal
Rules
Amendment