Central Act · 1920 · Act 5

The Provincial Insolvency Act, 1920

In force87 sections· Ministry of Corporate Affairs
India Code Official PDF

1.Short title and extent.

2.Definitions.

3.Insolvency jurisdiction.

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

5.General powers of Courts.

6.Act 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 change carriage of proceedings.

17.Continuance of proceedings on death of debtor.

18.Procedure for administration 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 debtor.

24.Procedure at hearing.

25.Dismissal of petition.

26.Award of compensation.

27.Order of adjudication.

28.Effect of an order of adjudication.

28A.Insolvent's property to comprise certain capacity.

29.Stay of pending proceeding.

30.Publication of order of adjudication.

31.Protection of order.

32.Power to arrest after adjudication.

33.Schedule of creditors.

34.Debts provable under the Act.

35.Power to annul adjudication of insolvency.

36.Power to cancel one of concurrent orders of adjudication.

37.Proceedings on annulment.

38.Compositions and schemes of arrangement.

39.Order on approval.

40.Power to re-adjudge debtor insolvent.

41.Discharge.

42.Cases in which Court must refuse an absolute discharge.

43.Adjudication to be annulled on failure to apply for discharge.

44.Effect of order of discharge.

45.Debt payable at a future time.

46.Mutual dealings and setoff.

47.Secured creditors.

48.Interest.

49.Mode of proof.

50.Disallowance and reduction of entries in schedule.

51.Restriction of rights of creditor under execution.

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

53.Avoidance of voluntary transfer.

54.Avoidance of preference in certain cases.

54A.By whom petitions for annulment may be made.

55.Protection of bona fide transactions.

56.Appointment of Receiver.

57.Power to appoint Official Receivers.

58.Powers of Court if no receiver appointed.

59.Duties and powers of receiver.

59A.Power to require information regarding insolvent's property.

60.Special provisions in regard to immovable property.

61.Priority of debts.

62.Calculation of dividends.

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

64.Final dividend.

65.No suit for dividend.

66.Management by and allowance to insolvent.

67.Right of insolvent to surplus.

67A.Committee of inspection.

68.Appeal to Court against receiver.

69.Offences by debtors.

70.Procedure on charge under section 69.

71.Criminal liability after discharge or composition.

72.Undischarged insolvent obtaining credit.

73.Disqualifications of insolvent.

74.Summary administration.

75.Appeals.

76.Costs.

77.Courts to be auxiliary to each other.

78.Limitation.

79.Power to make rules Power to make rules.

80.Delegation of powers to Official Receivers.

81.Power of State Government to bar application of certain provisions to certain Courts.

82.Savings.

83.Repeals.

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