Indian Bare Acts

Search Alphabatically :

THE PRESIDENCY-TOWNS INSOLVENCY ACT, 1909

Title : THE PRESIDENCY-TOWNS INSOLVENCY ACT, 1909

Year : 1909

ACT NO. 3 OF 1909 1*
[ 12th March, 1909.]


An Act to amend the Law of Insolvency in the Presidency- Towns 2*
WHEREAS it is expedient to amend the law relating to insolvency in the Presidency- towns 3*;

It is hereby enacted as follows:-

-------------------------------------------------------------------------------------------------------------------------------------------------------

1. The Act has been amended in Bombay by Bom. Acts 20 of 1933 and 15 of 1939; in Bengal by Ben. Act 18 of 1936; and in Madras by Mad. Act 5 of 1943.

2. The words" and the town of Rangoon" rep. by the A. O. 1937.

3. The words" and the town of Karachi" rep. by the A. O. 1948. The words" towns of Rangoon and Karachi" had been subs. for" town of Rangoon" by Act 9 of 1926, s. 2, and the words" town of" had been subs. for" towns of Rangoon and" by the A. O. 1937.

-------------------------------------------------------------------------------------------------------------------------------------------------------

PRELIMINARY




(1) This Act may be called the Presidency- towns Insolvency Act, 1909 .

(2) It shall come into force on the first day of January, 1910 .



In this Act, unless there is anything repugnant in the subject or context,-

(a) " Creditor" includes a decree- holder;

(b) " Debt" includes a judgment- debt, and" debtor" includes a judgment- debtor; 1*

(c) " Official assignee" includes an acting official assignee 2* and a deputy official assignee, whether permanent or acting];

(d) " Prescribed" means prescribed by rules;

(e) " Property" includes any property over which or the profits of which any person has a disposing power which he may exercise for his own benefit;

(f) " Rules" means rules made under this Act;

(g) " Secured creditor" includes a landlord who under any enactment for the time being in force has a charge on land for the rent of that land;

(h) " The Court" means the Court exercising jurisdiction under this Act; 3*
 
(i) " Transfer of property" includes a transfer of any interest therein and any charge created thereon;

(j) 4*" States" means all the territories 5* which immediately before the 1st November, 1956 , were comprised] within Part A States and Part C States.]

--------------------------------------------------------------------------------------------------------------------------------------------------------

1. Cls. (bb) and (bbb), ins. by Act 9 of 1926, s. 3, rep. by the A. O. 1948.

2. Ins. by Act 10 of 1930, s. 2.

3. The word" and" omitted by Act 58 of 1960, s. 3 and Sch. II.

4. Cl. (j) ins. by the A. O. 1950.

5. Subs. by the Adaptation of Laws (No. 2) Order, 1956, for" for the time being comprised".

--------------------------------------------------------------------------------------------------------------------------------------------------------



The Courts having jurisdiction in insolvency under this Act shall be 1*[the High Courts at Calcutta, Madras and Bombay].

-------------------------------------------------------------------------------------------------------------------------------------------------------

1. Subs. by the A. O. 1948, for the original cls. (a) and (b) as amended by Act 9 of 1926, s. 4, and the A. O. 1937.

-------------------------------------------------------------------------------------------------------------------------------------------------------



All matters in respect of which jurisdiction is given by this Act shall be ordinarily transacted and disposed of by or under the direction of one of the Judges of the Court, and the Chief Justice 1*** shall, from time to time, assign a Judge for that purpose.

-------------------------------------------------------------------------------------------------------------------------------------------------------

1. The words "or Judicial Commissioner" rep. by the A. O. 1948.

-------------------------------------------------------------------------------------------------------------------------------------------------------



Subject to the provisions of this Act and of rules, the Judge of a Court exercising jurisdiction in insolvency may exercise in chambers the whole or any part of his jurisdiction.



(1) The Chief Justice 1*** may, from time to time, direct that, in any matters in respect of which jurisdiction is given to the Court by this Act, an officer of the Court appointed by him in this behalf shall have all or any of the powers in this section mentioned; and any order made or act done by such officer in the exercise of the said powers shall be deemed the order or act of the Court.

(2) The powers referred to in sub-section (1) are the following, namely:--

(a) to hear insolvency petitions presented by debtors, and to make orders of adjudication thereon;

(b) to hold the public examination of insolvents;
---------------------------------------------------------------------
1. The word "and" omitted by Act 58 of 1960, s. 3 and Sch. II.
2. Cl. (j) ins. by the A. O. 1950.
3. Subs. by the Adaptation of Laws (No. 2) Order, 1956, for "for the time being comprised".

1. The words "or Judicial Commissioner" rep. by the A. O. 1948.
----------------------------------------------------------------------

(c) to make any order or exercise any jurisdiction which is prescribed as proper to be made or exercised in chambers;

(d) to hear and determine any unopposed or ex-parte application;

(e) to examine any person summoned by the Court under section (3) An officer appointed under this section shall not have power to commit for contempt of Court.




Subject to the provisions of this Act, the Court shall have full power to decide all questions of priorities, and all other questions whatsoever, whether of law or fact, which may arise in any case of insolvency coming within the cognizance of the Court, or which the
Court may deem it expedient or necessary to decide for the purpose of doing complete justice or making a complete distribution of property in any such case:

1*[Provided that, unless all the parties otherwise agree, the power hereby given shall, for the purpose of deciding any matter arising under section 36, be exercised only in the manner and to the extent provided in that section.]

------------------------------------------------------------------------------------------------------------------------------------------------------

1. Ins. by Act 19 of 1927, s. 2.

------------------------------------------------------------------------------------------------------------------------------------------------------



(1) The Court may review, rescind or vary any order made by it under its insolvency jurisdiction.

(2) Orders in insolvency matters shall, at the instance of any person aggrieved, be subject to appeal as follows, namely:-

(a) An appeal from an order made by an officer of the Court empowered under section 6 shall lie to the Judge assigned under section 4 for the transaction and disposal of matters in insolvency and no further appeal shall lie except by leave of such Judge;

(b) Save as otherwise provided in clause (a), an appeal from an order made by a Judge in the exercise of the jurisdiction conferred by this Act shall lie in the same way and be subject to the same provisions as an appeal from an order made by a Judge in the exercise of the ordinary original civil jurisdiction of the Court.

Last updated on June, 2016

Find a Lawyer

Legal Hall of Fame

The current Legal Luminaries of India, the credible names in the legal circle along with those who would be the leading stars of the next decade. These are some of the reliable names in field of law. Nominate the Legal Stars of tomorrow

More

Recent Judgment


Sudha Mishra vs. Surya Chandra Mishra( R.F.A 299 of 2014

The Hon'ble High Court of Delhi in Sudha Mishra vs. Surya Chandra Mishra (R.F.A 299 of 2014)has ruled that a woman has a right over the property of her husband but she cannot claim a right to live in the house of her parents-in-law

More

Bare Acts

Helpline Law provides a user friendly compendium of Indian Law & Bare Acts. Get a complete list & detail of Indian Bare Acts, with amendments and repeals. It comes with easy-to-use features like Search by bare acts & by year. You can even email the information to yourself!

More

Have a Legal Matter ?
Need a Lawyer?

Have a Legal Matter ?

Need a Lawyer?

Male
Female