Indian Bare Acts

Search Alphabatically :

THE PRESIDENCY-TOWNS INSOLVENCY ACT, 1909

Title : THE PRESIDENCY-TOWNS INSOLVENCY ACT, 1909

Year : 1909



(1) The Courts having jurisdiction under this Act may from time to time make rules for carrying into effect the objects of this Act.

(2) In particular and without prejudice to the generality of the foregoing power, such rules may provide for and regulate-

(a) The fees and percentages to be charged under this Act and the manner in which the same are to be collected and accounted for and the account to which they are to be paid;

(b) The investment, whether separately or collectively, or unclaimed dividends, balances and other sums appertaining to the estates of insolvent debtors whether adjudicated insolvent under this or any former enactment; and the application of the proceeds of such investment;

(c) The proceedings of the official assignee in taking possession of and realising the estates of insolvent debtors;

2* * * * *

(e) The receipts, payments and accounts of the official assignee;

(f) The audit of the accounts of the official assignee;

(g) The payment 3**** of the costs of the audit of his accounts out of the proceeds of the investments in his hands;

(h) The payment of the costs incurred in the prosecution of fraudulent debtors and in legal proceedings taken by the official assignee under the direction of the Court out of the proceeds aforesaid;

(i) The payment of any civil liability incurred by an official assignee acting under the order or direction of the Court;

(j) The proceedings to be taken in connection with proposals for composition and schemes of arrangement with the creditors of insolvent debtors;

(k) The intervention of the official assignee at the hearing of applications and matters relating to insolvent debtors and their estates;

4*[(kk) Filing of lists of creditors and debtors and the affording of assistance to the Court by a petitioning debtor;]

(l) The examination by the official assignee of the books and papers of account of undischarged insolvent debtors;

(m) The service of notices in proceedings under this Act;

5*[(mm) The form of the insolvency notice under clause (a), and the manner in which such notice may be served under clause (b), of sub-section (3) of section 9;]

(n) The appointment, meetings and procedure of committees of inspection;

(o) The conduct of proceedings under this Act in the name of a firm;

(p) The forms to be used in proceedings under this Act;

(q) The procedure to be followed in the case of estates to be administered in a summary manner;

(r) The procedure to be followed in the case of estates of deceased persons to be administered under this Act;

6*[(s) The distribution of work between the official assignee and his deputy or deputies;]

7*[And, in the case of the High Court at Madras, may also provide for and regulate the remuneration of the official assignee and the payment of the costs, charges and expenses of his establishment].8*

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

1. This section has been amended in its application to Bombay, Madras and Calcutta: see the Presidency-towns Insolvency (Bombay
Amendment) Act, 1933 (Bom. 20 of 1933), s. 6; the Presidency-towns Insolvency (Bombay Amendment) Act, 1939 (Bom. 15 of 1939), s. 2; the Presidency-towns Insolvency (Madras Amendment) Act, 1943 (Mad. 5 of 1943), s. 15; and the Presidency-towns Insolvency (Bengal Amendment) Act, 1936 (Ben. 18 of 1936), s. 8.

2. Cl. (d) rep. by the A. O. 1937.

3. The words "of the remuneration of the official assignee, of the costs, charges and expenses of his establishment, and" rep., ibid.

4. Ins. by Act 19 of 1927, s. 5.

5. Ins. by Act 28 of 1978, s. 2 (w.e.f. 1-9-1979).

6. Ins. by Act 10 of 1930, s. 5.

7. Ins. by the A. O. 1937.

8. For s. 112A, applicable to Calcutta only, see the Presidency-
towns Insolvency (Bengal Amendment) Act, 1936 (Ben. 18 of 1936), s. 9.

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



Rules made under the provisions of this Part shall be subject to the previous sanction of the State Government.]

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

1. Subs. by the A. O. 1937, for the original s. 113.

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



Rules so made and sanctioned shall be published 1**** in the Official Gazette, 2**** and shall thereupon have the same force and effect with regard to proceedings under this Act in the Court which made them as if they had been enacted in this Act.

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

1. The words "in the Gazette of India or" rep. by the A. O. 1937.

2. The words "as the case may be" rep., ibid.

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