Central Act · 1909 · Act 3

The Presidency-Towns Insolvency Act, 1909

In force130 sections· Ministry of Corporate Affairs
India Code Official PDF

1.Short title and commencement.

2.Definitions.

3.Courts having jurisdiction in insolvency.

4.Jurisdiction to be exercised by a single Judge.

5.Exercise of jurisdiction in chambers.

6.Delegation of powers to officers to officers of Court.

7.Power of Court to decide all questions arising in insolvency.

8.Appeals in insolvency.

9.Acts of insolvency .

10.Power to adjudicate.

11.Restrictions on jurisdiction.

12.Conditions on which creditor may petition.

13.Proceedings and order on creditors petition.

14.Conditions on which debtor may petition.

15.Proceedings and order on debtors petition.

16.Discretionary powers as to appointment of inter in receiver.

17.Effect of order of adjudication.

18.Stay of proceedings.

18A.Control over insolvency proceedings in subordinate Courts.

19.Power to appoint special manager.

20.Advertisement of order of adjudication.

21.Power for Court to annul adjudication in certain cases.

22.Concurrent proceedings in Courts in India.

23.Proceedings on annulment.

24.Insolvents schedule.

25.Protection order.

26.Meeting of creditors.

27.Public examination of the insolvent.

28.Submission of proposal and acceptance by creditors.

29.Approval of proposal by Court.

30.Order on approval.

31.Power to re-adjudge debtor insolvent.

32.Limitation of effect of composition or scheme.

33.Duties of insolvent as to discovery and realization of property.

34.Arrest of insolvent.

35.Redirection of letters.

36.Discovery of Insolvents property.

37.Power to issue commissions.

38.Discharge of insolvent.

39.Cases in which the Court must refuse an absolute discharge.

40.Hearing of application for discharge.

41.Power to annul adjudication on failure to apply for discharge.

42.Renewal of application and variation of terms of order.

43.Duty of discharged insolvent to assist in realization of property.

44.Fraudulent settlements.

45.Effect of order of discharge.

46.Debts provable in insolvency.

47.Mutual dealings and set-off.

48.Rules to proof of debts.

49.Priority of debts.

50.Rent due before adjudication.

51.Relation of assignees title.

52.Description of insolvents property divisible amongst creditors.

53.Restriction of rights of creditor under execution.

54.Avoidance of voluntary transfer.

55.Duties of Court executing decree as to property taken in execution.

56.Avoidance of preference in certain cases.

57.Protection of bona fide transactions.

58.Possession of property by official assignee.

59.Seizure of property of insolvent.

60.Appropriation of portion of pay or other income to creditors.

61.Vesting and transfer of property.

62.Disclaimer of onerous property.

63.Disclaimer of leaseholds.

64.Power to call on official assignee to disclaim.

65.Power for Court to rescind contract.

66.Power for Court to make vesting order in respect of disclaimed property.

67.Persons injured by disclaimer may prove.

68.Duty and powers of official assignee as to realization.

69.Declaration and distribution of dividends.

70.Joint and separate properties.

71.Calculation of dividends.

72.Right of creditor who has not proved debt before declaration of a dividend.

73.Final dividend.

74.No suit for dividend.

75.Power to allow insolvent to manage property, and allowance to insolvent for maintenance or service.

76.Right of insolvent so surplus.

77.Appointment and removal of official assignees of insolvents estate.

78.Power to administer oath.

79.Duties as regards the insolvents conduct.

80.Duty to furnish list of creditors.

81.Remuneration.

82.Misfeasance.

83.Name under which to sue or be sued.

84.Office vacated by insolvency.

85.Discretionary powers and control thereof.

86.Appeal to Court.

87.Control of Court.

88.Committee of inspection.

89.Control of committee of inspection over official assignee.

90.Power of the Court.

91.Consolidation of petitions.

92.Power to change carriage of petition.

93.Continuance of proceedings on death of debtor.

94.Power to stay proceedings.

95.Power to present petition against a partner.

96.Power to dismiss petition against some respondents only.

97.Separate insolvency petitions against partners.

98.Suits by official assignee and insolvents partners.

99.Proceedings in partnership name.

100.Warrants of Insolvency Courts.

101.Limitation of appeals.

101A.Exclusion of time in computation of period of limitation in certain cases.

102.Undischarged insolvent obtaining credit.

103.Punishment of insolvent for certain offences.

103A.Disqualifications of insolvent.

104.Procedure on charge under section 103.

105.Criminal liability after discharge or composition.

106.Summary administration in small cases.

107.Exemption of corporation, etc., from insolvency proceedings.

108.Administration in insolvency of estate of person dying insolvent.

109.Vesting of estate and mode of administration.

110.Payments or transfer by legal representatives.

111.Saving of jurisdiction of Administrator-General.

112.Rules.

113.Sanction to rules.

114.Publication of Rules.

115.Exemption from duty of transfers, etc., under this Act.

116.The Gazette to be evidence.

117.Swearing of affidavits.

118.Formal defect not to invalidate proceedings.

119.Formal defect not to invalidate proceedings.

120.Certain provisions to bind the Government.

121.Certain provisions to bind the Government.

122.Lapse and credit to Government of unclaimed dividends.

123.Claims to monies credited to Government under section 122.

124.Access to insolvents book.

125.Fees and percentages.

126.Courts to be auxiliary to each other.

127.Saving.

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