Central ActAct No. 03 of 1909
The Presidency-Towns Insolvency Act, 1909 — Bare Act, All Sections & Free PDF
Ministry of Corporate AffairsEnacted: Last Updated:
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Overview
An Act to amend the Law of Insolvency in the Presidency towns ***
All Sections
Section 1 to Section 127 (130 Sections)
Section 1
Read Full SectionShort title and commencement.
Section 2
Read Full SectionDefinitions.
Section 3
Read Full SectionCourts having jurisdiction in insolvency.
Section 4
Read Full SectionJurisdiction to be exercised by a single Judge.
Section 5
Read Full SectionExercise of jurisdiction in chambers.
Section 6
Read Full SectionDelegation of powers to officers to officers of Court.
Section 7
Read Full SectionPower of Court to decide all questions arising in insolvency.
Section 8
Read Full SectionAppeals in insolvency.
Section 9
Read Full SectionActs of insolvency .
Section 10
Read Full SectionPower to adjudicate.
Section 11
Read Full SectionRestrictions on jurisdiction.
Section 12
Read Full SectionConditions on which creditor may petition.
Section 13
Read Full SectionProceedings and order on creditors petition.
Section 14
Read Full SectionConditions on which debtor may petition.
Section 15
Read Full SectionProceedings and order on debtors petition.
Section 16
Read Full SectionDiscretionary powers as to appointment of inter in receiver.
Section 17
Read Full SectionEffect of order of adjudication.
Section 18
Read Full SectionStay of proceedings.
Section 18A
Read Full SectionControl over insolvency proceedings in subordinate Courts.
Section 19
Read Full SectionPower to appoint special manager.
Section 20
Read Full SectionAdvertisement of order of adjudication.
Section 21
Read Full SectionPower for Court to annul adjudication in certain cases.
Section 22
Read Full SectionConcurrent proceedings in Courts in India.
Section 23
Read Full SectionProceedings on annulment.
Section 24
Read Full SectionInsolvents schedule.
Section 25
Read Full SectionProtection order.
Section 26
Read Full SectionMeeting of creditors.
Section 27
Read Full SectionPublic examination of the insolvent.
Section 28
Read Full SectionSubmission of proposal and acceptance by creditors.
Section 29
Read Full SectionApproval of proposal by Court.
Section 30
Read Full SectionOrder on approval.
Section 31
Read Full SectionPower to re-adjudge debtor insolvent.
Section 32
Read Full SectionLimitation of effect of composition or scheme.
Section 33
Read Full SectionDuties of insolvent as to discovery and realization of property.
Section 34
Read Full SectionArrest of insolvent.
Section 35
Read Full SectionRedirection of letters.
Section 36
Read Full SectionDiscovery of Insolvents property.
Section 37
Read Full SectionPower to issue commissions.
Section 38
Read Full SectionDischarge of insolvent.
Section 39
Read Full SectionCases in which the Court must refuse an absolute discharge.
Section 40
Read Full SectionHearing of application for discharge.
Section 41
Read Full SectionPower to annul adjudication on failure to apply for discharge.
Section 42
Read Full SectionRenewal of application and variation of terms of order.
Section 43
Read Full SectionDuty of discharged insolvent to assist in realization of property.
Section 44
Read Full SectionFraudulent settlements.
Section 45
Read Full SectionEffect of order of discharge.
Section 46
Read Full SectionDebts provable in insolvency.
Section 47
Read Full SectionMutual dealings and set-off.
Section 48
Read Full SectionRules to proof of debts.
Section 49
Read Full SectionPriority of debts.
Section 50
Read Full SectionRent due before adjudication.
Section 51
Read Full SectionRelation of assignees title.
Section 52
Read Full SectionDescription of insolvents property divisible amongst creditors.
Section 53
Read Full SectionRestriction of rights of creditor under execution.
Section 54
Read Full SectionAvoidance of voluntary transfer.
Section 55
Read Full SectionDuties of Court executing decree as to property taken in execution.
Section 56
Read Full SectionAvoidance of preference in certain cases.
Section 57
Read Full SectionProtection of bona fide transactions.
Section 58
Read Full SectionPossession of property by official assignee.
Section 59
Read Full SectionSeizure of property of insolvent.
Section 60
Read Full SectionAppropriation of portion of pay or other income to creditors.
Section 61
Read Full SectionVesting and transfer of property.
Section 62
Read Full SectionDisclaimer of onerous property.
Section 63
Read Full SectionDisclaimer of leaseholds.
Section 64
Read Full SectionPower to call on official assignee to disclaim.
Section 65
Read Full SectionPower for Court to rescind contract.
Section 66
Read Full SectionPower for Court to make vesting order in respect of disclaimed property.
Section 67
Read Full SectionPersons injured by disclaimer may prove.
Section 68
Read Full SectionDuty and powers of official assignee as to realization.
Section 69
Read Full SectionDeclaration and distribution of dividends.
Section 70
Read Full SectionJoint and separate properties.
Section 71
Read Full SectionCalculation of dividends.
Section 72
Read Full SectionRight of creditor who has not proved debt before declaration of a dividend.
Section 73
Read Full SectionFinal dividend.
Section 74
Read Full SectionNo suit for dividend.
Section 75
Read Full SectionPower to allow insolvent to manage property, and allowance to insolvent for maintenance or service.
Section 76
Read Full SectionRight of insolvent so surplus.
Section 77
Read Full SectionAppointment and removal of official assignees of insolvents estate.
Section 78
Read Full SectionPower to administer oath.
Section 79
Read Full SectionDuties as regards the insolvents conduct.
Section 80
Read Full SectionDuty to furnish list of creditors.
Section 81
Read Full SectionRemuneration.
Section 82
Read Full SectionMisfeasance.
Section 83
Read Full SectionName under which to sue or be sued.
Section 84
Read Full SectionOffice vacated by insolvency.
Section 85
Read Full SectionDiscretionary powers and control thereof.
Section 86
Read Full SectionAppeal to Court.
Section 87
Read Full SectionControl of Court.
Section 88
Read Full SectionCommittee of inspection.
Section 89
Read Full SectionControl of committee of inspection over official assignee.
Section 90
Read Full SectionPower of the Court.
Section 91
Read Full SectionConsolidation of petitions.
Section 92
Read Full SectionPower to change carriage of petition.
Section 93
Read Full SectionContinuance of proceedings on death of debtor.
Section 94
Read Full SectionPower to stay proceedings.
Section 95
Read Full SectionPower to present petition against a partner.
Section 96
Read Full SectionPower to dismiss petition against some respondents only.
Section 97
Read Full SectionSeparate insolvency petitions against partners.
Section 98
Read Full SectionSuits by official assignee and insolvents partners.
Section 99
Read Full SectionProceedings in partnership name.
Section 100
Read Full SectionWarrants of Insolvency Courts.
Section 101
Read Full SectionLimitation of appeals.
Section 101A
Read Full SectionExclusion of time in computation of period of limitation in certain cases.
Section 102
Read Full SectionUndischarged insolvent obtaining credit.
Section 103
Read Full SectionPunishment of insolvent for certain offences.
Section 103A
Read Full SectionDisqualifications of insolvent.
Section 104
Read Full SectionProcedure on charge under section 103.
Section 105
Read Full SectionCriminal liability after discharge or composition.
Section 106
Read Full SectionSummary administration in small cases.
Section 107
Read Full SectionExemption of corporation, etc., from insolvency proceedings.
Section 108
Read Full SectionAdministration in insolvency of estate of person dying insolvent.
Section 109
Read Full SectionVesting of estate and mode of administration.
Section 110
Read Full SectionPayments or transfer by legal representatives.
Section 111
Read Full SectionSaving of jurisdiction of Administrator-General.
Section 112
Read Full SectionRules.
Section 113
Read Full SectionSanction to rules.
Section 114
Read Full SectionPublication of Rules.
Section 115
Read Full SectionExemption from duty of transfers, etc., under this Act.
Section 116
Read Full SectionThe Gazette to be evidence.
Section 117
Read Full SectionSwearing of affidavits.
Section 118
Read Full SectionFormal defect not to invalidate proceedings.
Section 119
Read Full SectionFormal defect not to invalidate proceedings.
Section 120
Read Full SectionCertain provisions to bind the Government.
Section 121
Read Full SectionCertain provisions to bind the Government.
Section 122
Read Full SectionLapse and credit to Government of unclaimed dividends.
Section 123
Read Full SectionClaims to monies credited to Government under section 122.
Section 124
Read Full SectionAccess to insolvents book.
Section 125
Read Full SectionFees and percentages.
Section 126
Read Full SectionCourts to be auxiliary to each other.
Section 127
Read Full SectionSaving.
Disclaimer: This bare act is reproduced for general informational and reference purposes only and does not constitute legal advice. Always verify provisions against the latest official gazette and consult a qualified advocate before relying on any section.