{ "schema_version": "qanun-law-text/1", "id": "punjab-code-3e3c29477a32c18f", "title": "PROVINCIAL INSOLVENCY ACT, 1920", "source_collection": "Punjab", "content_kind": "stored_law_text", "content_extent": null, "source_url": "https://punjabcode.punjab.gov.pk/en/show_article/BzFUYAEwBz8-", "version": null, "source_snapshot": "2026-08-06T16:48:35Z", "legal_status": "not independently verified", "text_quality": "Complete stored UTF-8 TXT file recovered byte-for-byte from owned Drive. Source transcription retained verbatim; legal completeness, OCR accuracy and current consolidation unverified.", "text_sha256": "35a052594df4cce5c789f896f33c5921869d771910360aa6eab900a652e9e394", "source_sha256": "35a052594df4cce5c789f896f33c5921869d771910360aa6eab900a652e9e394", "text_version_id": "law:punjab-code-3e3c29477a32c18f:sha256:35a052594df4cce5c789f896f33c5921869d771910360aa6eab900a652e9e394", "quality_flags": [], "encoding": "UTF-8", "text": "Provincial Insolvency \r\n1920: Act V \r\nCONTENTS \r\n1. Short title and extent. \r\n2. Definitions. \r\nPART I \r\nConstitution and Powers of Court \r\n3. Insolvency jurisdiction. \r\n4. Power of Court to decide all questions arising in insolvency. \r\n5. General Powers of Courts. \r\nPART II \r\nProceedings from Act of Insolvency to Discharge \r\n6. Acts of insolvency. \r\n7. Petition and adjudication. \r\n8. Exemption of corporation, etc., from insolvency proceedings. \r\n9. Conditions on which creditor may petition. \r\n 10. Conditions on which debtor may petition. \r\n 11. Court to which petition shall be presented. \r\n 12. Verification of petition. \r\n 13. Contents of petition. \r\n 14. Withdrawal of petitions. \r\n 15. Consolidation of petitions. \r\n 16. Power to change carriage of proceedings. \r\n 17. Continuance of proceedings on death of debtor. \r\n 18. Procedure for admission of petition. \r\n 19. Procedure on admission of petition. \r\n 20. Appointment of interim receiver. \r\n 21. Interim proceedings against debtor. \r\nTHE PROVINCIAL INSOLVENCY ACT, 1920 \r\n(V of 1920) \r\n \r\n 22. Duties of debtors. \r\n 23. Release of debtor. \r\n 24. Procedure at hearing. \r\n 25. Dismissal of petition. \r\n 26. Award of compensation. \r\n 27. Order of adjudication. \r\n 28. Effect of an order of adjudication. \r\n 29. Stay of pending proceeding. \r\n 30. Publication of order of adjudication. \r\n 31. Protection order. \r\n 32. Power to arrest after adjudication. \r\n 33. Schedule of creditors. \r\n 34. Debts provable under the Act. \r\n 35. Power to annul adjudication of insolvency. \r\n 36. Power to cancel one of concurrent orders of adjudication. \r\n 37. Proceedings on annulment. \r\n 38. Compositions and schemes of arrangement. \r\n 39. Order on approval. \r\n 40. Power to re-adjudge debtor insolvent. \r\n 41. Discharge. \r\n 42. Cases in which Court must refuse an absolute discharge. \r\n 43. Adjudication to be annulled on failure to apply for discharge. \r\n 44. Effect of order of discharge. \r\nPART III \r\nAdministration of Property \r\n 45. Debts payable at the future time. \r\n 46. Mutual dealing and set-off. \r\n 47. Secured creditors. \r\n 48. Interest. \r\n 49. Mode of proof. \r\n 50. Disallowance and reduction of entries in schedule. \r\n 51. Restriction of rights of creditor under execution. \r\n 52. Duties of Court executing decree as to property taken in execution. \r\n 53. Avoidance of voluntary transfer. \r\n 54. Avoidance of preference in certain cases. \r\n54-A. By whom petitions for annulment may be made. \r\n 55. Protection of bona fide transactions. \r\n 56. Appointment of receiver. \r\n 57. Power to appoint Official Receivers. \r\n 58. Powers of Court if no receiver appointed. \r\n 59. Duties and powers of receiver. \r\n59-A. Power to require information regarding insolvent’s property. \r\n 60. Special provisions in regard to immoveable property. \r\n 61. Priority of debts. \r\n 62. Calculation of dividends. \r\n 63. Right of creditor who has not proved debt before declaration of a \r\ndividend. \r\n 64. Final dividend. \r\n 65. No suit for dividend. \r\n 66. Management by and allowance to insolvent. \r\n 67. Right of insolvent to surplus. \r\n67-A. Committee of inspection. \r\n 68. Appeal to Court against receiver. \r\nPART IV \r\nPenalties \r\n 69. Offences by debtors. \r\n 70. Procedure on charge under section 69. \r\n 71. Criminal liability after discharge or composition. \r\n 72. Undischarged insolvent obtaining credit. \r\n 73. Disqualifications of insolvent. \r\nPART V \r\nSummary Administration \r\n 74. Summary administration. \r\nPART VI \r\nAppeals \r\n 75. Appeals. \r\nPART VII \r\nMiscellaneous \r\n 76. Costs. \r\n 77. Courts to be auxiliary to each other. \r\n 78. Limitation. \r\n 79. Power to make rules. \r\n 80. Delegation of powers to Official Receivers. \r\n 81. Power of Provincial Government to bar application of certain provisions \r\nto certain Courts. \r\n 82. [Omitted] \r\n 83. Repeals. \r\nSCHEDULE I \r\nSCHEDULE II \r\nSCHEDULE III \r\n[Repealed] \r\n \r\nTEXT \r\n1\r\nTHE PROVINCIAL INSOLVENCY ACT, 1920 \r\n2\r\n(V of 1920) \r\n[5 March 1920] \r\nAn \r\nAct \r\nto consolidate and amend the Law relating to Insolvency \r\n3\r\n[* * *], as administered by \r\nCourts having jurisdiction \r\n4\r\n[in the Punjab]. \r\nWHEREAS it is expedient to consolidate and amend the law relating to \r\ninsolvency \r\n5\r\n[* * *], as administered by Courts having jurisdiction \r\n6\r\n[in the Punjab]; It is \r\nhereby enacted as follows:– \r\n1. Short title and extent .– (1) This Act may be called the Provincial Insolvency \r\nAct, 1920. \r\n (2) \r\n7\r\n[It extends to the whole of the Punjab.] \r\n2. Definitions.– (1) In this Act, unless there is anything repugnant in the subject \r\nor context,– \r\n(a) \"creditor\" includes a decree -holder, \"debt\" includes a j udgment-debt, \r\nand \"debtor\" includes a judgment-debtor; \r\n8\r\n[(b) \"District Court\" means the principal Civil Court of original jurisdiction in \r\nany area;] \r\n9\r\n[(bb) “Government” means Government of the Punjab;] \r\n(c) \"prescribed\" means prescribed by rules made under this Act; \r\n(d) \"property\" includes any property over which or the profits of which any \r\nperson has a disposing power which he may exercise for his own \r\nbenefit; \r\n \r\n1For Statement of Objects and Reasons, see Gazette of India, 1918, Part -V, p. 63; for Report of Select Committee, see ibid., \r\n1919, Part-V, p. 119; and ibid., 1920, Part-V. p. 9; and for Proceedings i n Council, see ibid., 1918, Part-VI, pp. 761 and 1322, \r\nand ibid., 1920, Part -VI, pp. 15 and 389. This Act was published in the Gazette of India, Part -IV, dated 28.2.1920, pp. 11-24 \r\nand also published in the Punjab Gazette, Part-IV, dated 5.3.1920, pp. 15-28. \r\n2The Act of the Indian Legislative Council received the assent of the Governor General on the 25 th February, 1920 and \r\npublished in the Gazette of India, Part-IV, dated 28.2.1920, pp. 11-24 and also published in the Punjab Gazette, Part -IV, dated \r\n5.3.1920, pp. 15-28. \r\n3Omitted the words “in British India” by the Government of India (Adaptation of Indian Laws) Order, 1937, published in the \r\nGazette of India (Extraordinary), dated April 1, 1937, pp. 75-344, s. 3 and Schedule. \r\n4Substituted for the words “outsi de the Karachi Division” by the Provincial Insolvency (Amendment) Act 2012 (IX of 2012), \r\npublished in the Punjab Gazette (Extraordinary), dated February 11, 2012, pp. 40133-40135, s. 3. \r\n5Omitted the words “in British India” by the Adaptation of Central Acts and Ordinances Order, 1949, vide Notification No. G.G.O. \r\n4, dated 25 th March, 1949, published in the Gazette of Pakistan (Extraordinary), dated March 28, 1949, pp. 223-283, s. 3 and \r\nSchedule. \r\n6Substituted for the words “outside the Karachi Division” by t he Provincial Insolvency (Amendment) Act 2012 (IX of 2012), \r\npublished in the Punjab Gazette (Extraordinary), dated February 11, 2012, pp. 40133-40135, s. 3. \r\n7Substituted by the Act ibid., s. 4. \r\n8Substituted by the Act ibid., clause (i) of s. 5. \r\n9Substituted by the Act ibid., clause (ii) of s. 5. \r\n(e) \"secured creditor\" means a person holding a mortgage, charge or lien \r\non the property of the debtor or any part thereof as a security for a debt \r\ndue to him from the debtor; and \r\n(f) \"transfer of property\" includes a transfer of any interest in property and \r\nthe creation of any charge upon property. \r\n(2) Words and expressions used in this Act and define d in the Code of \r\nCivil Procedure, 1908, and not hereinbefore defined shall have the same meanings \r\nas those respectively attributed to them by the said Code. \r\nPART I \r\nConstitution and Powers of Court \r\n3. Insolvency jurisdiction.– (1) The District Courts shall be the Courts having \r\njurisdiction under this Act: \r\nProvided that the \r\n1\r\n[\r\n2\r\n[Government]] may, by notification in the \r\n3\r\n[Official \r\nGazette], invest any Court subordinate to a District Court with jurisdiction in any \r\nclass of cases, and any Court so invested shall within the local limits of its jurisdiction \r\nhave concurrent jurisdiction with the District Court under this Act. \r\n(2) For the purposes of this Act, a Court of Small Causes shall be deemed \r\nto be subordinate to the District Court. \r\n4. Power of Court to decide all questions arising in insolvency.– (1) Subject \r\nto the provisions of this Act the Court shall have full power to decide all questions \r\nwhether of title or priority, or of any nature whatsoever, and whether involving \r\nmatters of law or of fact, which may arise in any case of insolvency coming within the \r\ncognizance of the Court, or which the Court may deem it expedient or necessary to \r\ndecide for the purpose of doing complete justice or making a complete distribution of \r\nproperty in any such case. \r\n(2) Subject t o the provisions of this Act and notwithstanding anything \r\ncontained in any other law for the time being in force, every such decision shall be \r\nfinal and binding for all purposes as between, on the one hand, the debtor and the \r\ndebtor's estate and, on the other hand, all claimants against him or it and all persons \r\nclaiming through or under them or any of them. \r\n(3) Where the Court does not deem it expedient or necessary to decide \r\nany question of the nature referred to in sub -section (1), but has reason to beli eve \r\nthat the debtor has a saleable interest in any property, the Court may without further \r\ninquiry sell such interest in such manner and subject to such conditions as it may \r\nthink fit. \r\n5. General powers of Courts .– (1) Subject to the provisions of this Act , the \r\nCourt, in regard to proceedings under this Act, shall have the same powers and \r\n \r\n1Substituted for the words “Local Government” by the Government of India (Adaptation of Indian Laws) Order, 1937, published \r\nin the Gazette of India (Extraordinary), dated April 1, 1937, pp. 75-344, s. 4 and Table of General Adaptations. \r\n2Substituted for the words “Provincial Government” by the Provincial Insolvency (Amendment) Act 2012 (IX of 2012), published \r\nin the Punjab Gazette (Extraordinary), dated February 11, 2012, pp. 40133-40135, s. 6. \r\n3Substituted for the w ords “local official Gazette” by the Government of India (Adaptation of Indian Laws) Order, 1937, \r\npublished in the Gazette of India (Extraordinary), dated April 1, 1937, pp. 75-344, s. 4 and Table of General Adaptations. \r\nshall follow the same procedure as it has and follows in the exercise of original civil \r\njurisdiction. \r\n(2) Subject as aforesaid, \r\n1\r\n[Lahore High Court] and District Courts, in \r\nregard to proceedings under this Act in Courts subordinate to them, shall have the \r\nsame powers and shall follow the same procedure as they respectively have and \r\nfollow in regard to civil suits. \r\nPART II \r\nProceedings from Act of Insolvency to Discharge \r\nActs of insolvency \r\n6. Acts of insolvency .– A debtor commits an act of insolvency in each of the \r\nfollowing cases, namely:– \r\n(a) if, in \r\n2\r\n[the Punjab], he makes a transfer of all or substantially all his \r\nproperty to a third person for the benefit of his creditors generally; \r\n(b) if, in \r\n3\r\n[the Punjab], he makes a transfer of his property or of any part \r\nthereof with intent to defeat or delay his creditors; \r\n(c) if, in \r\n4\r\n[the Punjab], he makes any transfer of his property, or of any part \r\nthereof, which would, under this or any other enactment for the time \r\nbeing in force, be void as a fraudulent preference if he were adjudged \r\nan insolvent; \r\n(d) if, with intent to defeat or delay his creditors,– \r\n(i) he departs or remains out of \r\n5\r\n[the Punjab]; \r\n(ii) he departs from his dwelling-house or usual place of business or \r\notherwise absents himself, \r\n(iii) he secludes himself so as to deprive his creditors of the means \r\nof communicating with him; \r\n(e) if any of his property has been sold in execution of the decree of any \r\nCourt for the payment of money; \r\n(f) if he petitions to be adjudged an insolvent under the provisions of this \r\nAct; \r\n(g) if he gives notice to any of his creditors that he has suspended, or that \r\nhe is about to suspend, payment of his debts; or \r\n(h) if he is imprisoned in execu tion of the decree of any Court for the \r\npayment of money. \r\nExplanation.– For the purposes of this section the act of an agent may be the act of \r\nthe principal. \r\n \r\n1Substituted for the words “High Co urts” by the Provincial Insolvency (Amendment) Act 2012 (IX of 2012), published in the \r\nPunjab Gazette (Extraordinary), dated February 11, 2012, pp. 40133-40135, s. 7. \r\n2Substituted for the words “Pakistan or elsewhere” by the Act ibid., clause (i) of s. 8. \r\n3Ibid. \r\n4Ibid. \r\n5Substituted for the word “Pakistan” by the Provincial Insolvency (Amendment) Act 2012 (IX of 2012), published in the Punjab \r\nGazette (Extraordinary), dated February 11, 2012, pp. 40133-40135, clause (ii) of s. 8. \r\nPetition \r\n7. Petition and adjudication .– Subject to the conditions specified in this Act, if \r\na debt or commits an act of insolvency, an insolvency petition may be presented \r\neither by a creditor or by the debtor, and the Court may on such petition make an \r\norder (hereinafter called an order of adjudication) adjudging him an insolvent. \r\nExplanation.– The presentation of a petition by the debtor shall be deemed an act of \r\ninsolvency within the meaning of this section, and on such petition the Court may \r\nmake an order of adjudication. \r\n8. Exemption of corporation, etc., from insolvency proceedings .– No \r\ninsolvency petition shall be presented against any corporation or against any \r\nassociation or company registered under any enactment for the time being in force. \r\n9. Conditions on which creditor may petition .– (1) A creditor shall not be \r\nentitled to present an insolvency petition against a debtor unless– \r\n(a) the debt owing by the debtor to the creditor, or, if two or more creditors \r\njoin in the petition, the aggregate amount of debts owing to such \r\ncreditors amounts to five hundred rupees, and \r\n(b) the debt is a liquidated sum payable either immediately or at some \r\ncertain future time, and \r\n(c) the act of insolvency on which the petition is grounded has occurred \r\nwithin three months before the presentation of the petition. \r\n(2) If the petitioning creditor is a secured creditor , he shall in his petition \r\neither state that he is willing to relinquish his security for the benefit of the creditors in \r\nthe event of the debtor being adjudged insolvent, or give an estimate of the value of \r\nthe security. In the latter case, he may be admi tted as a petitioning creditor to the \r\nextent of the balance of the debt due to him after deducting the value so estimated in \r\nthe same way as if he were an unsecured creditor. \r\n10. Conditions on which debtor may petition .– (1) A debtor shall not be \r\nentitled to present an insolvency petition, unless he is unable to pay his debts and– \r\n(a) his debts amount to five hundred rupees; or \r\n1\r\n[(aa) * * * * * * * * * ] \r\n(b) he is under arrest or imprisonment in execution of the decree of any \r\nCourt for the payment of money; or \r\n(c) an order of attachment in execution of such a decree has been made, \r\nand is subsisting, against his property. \r\n(2) A debtor in respect of whom an order of adjudication \r\n2\r\n[\r\n1\r\n[made]] has \r\nbeen annulled, owing to his failure to apply, or to prosecute an application for his \r\n \r\n1Inserted by the Punjab Relie f of Indebtedness Act, 1934 (VII of 1934), dated 8 th April, 1934, published in the Punjab Gazette, \r\nPart-I, dated April 12, 1935, pp. 354-359, s. 2. \r\n2Substituted by the Insolvency (Amendment) Act, 1927 (XI of 1927), published in the Gazette of India, dated September 10, \r\n1927, pp. 27-28, s. 4. \r\ndischarge, shall not be entitled to present an insolvency petition without the leave of \r\nthe Court by which the order of adjudication was annulled. Such Court shall not grant \r\nleave unless it is satisfied either that the debtor was preve nted by any reasonable \r\ncause from presenting or prosecuting his application, as the case may be, or that the \r\npetition is founded on facts substantially different from those contained in the petition \r\non which the order of adjudication was made. \r\n11. Court to which petition shall be presented.– Every insolvency petition shall \r\nbe presented to a Court having jurisdiction under this Act in any local area in which \r\nthe debtor ordinarily resides or carries on business, or personally works for gain, or if \r\nhe has been arrested or imprisoned, where he is in custody: \r\nProvided that no objection as to the place of presentment shall be allowed by \r\nany Court in the exercise of appellate or revisional jurisdiction unless such objection \r\nwas taken in the Court by which the peti tion was heard at the earliest possible \r\nopportunity, and unless there has been a consequent failure of justice. \r\n12. Verification of petition .– Every insolvency petition shall be in writing and \r\nshall be signed and verified in the manner prescribed by the Code of Civil Procedure, \r\n1908\r\n2\r\n, for signing and verifying plaints. \r\n13. Contents of petition .– (1) Every insolvency petition presented by a debtor \r\nshall contain the following particulars, namely:– \r\n(a) a statement that the debtor is unable to pay his debts; \r\n(b) the place where he ordinarily resides or carries on business or \r\npersonally works for gain, or, if he has been arrested or imprisoned, the \r\nplace where he is in custody; \r\n(c) the Court (if any) by whose order he has been arrested or imprisoned, \r\nor by which an order has been made for the attachment of his property, \r\ntogether with particulars of the decree in respect of which any such \r\norder has been made; \r\n(d) the amount and particulars of all pecuniary claims against him, \r\ntogether with the names and residences of his creditors so far as they \r\nare known to, or can by the exercise of reasonable care and diligence \r\nbe ascertained by, him; \r\n(e) the amount and particulars of all his property, together with– \r\n(i) a specification of the value of all such property not consisting of money; \r\n(ii) the place or places at which any such property is to be found; and \r\n(iii) a declaration of his willingness to place at the disposal of the Court of \r\nsuch property save in so far as it includes such particulars (not being \r\nhis books of account) as are exempted by the Code of Civil Procedure, \r\n1908, or by any other enactment for the time being in force from liability \r\nto attachment and sale in execution of a decree; \r\n \r\n1Substituted for the words “whether made under the Insolvency (Karachi Division) Act, or” by the Provincial Insolvency \r\n(Amendment) Act 2012 (IX of 2012), published in the Punjab Gazette (Extraordinary), dated February 11, 2012, pp. 40133-\r\n40135, s. 9. \r\n2V of 1908. \r\n(f) a statement whether the debtor has on any previous occasion filed a \r\npetition to be adjudged an insolvent, and (where such a petition has \r\nbeen filed)– \r\n(i) if such petition has been dismissed, the reasons for such dismissal, or \r\n(ii) if the debtor has been adjudged an insolvent, concise particulars of the \r\ninsolvency, including a s tatement whether any previous adjudication \r\nhas been annulled and, if so, the grounds therefor. \r\n(2) Every insolvency petition presented by a creditor or creditors shall set \r\nforth the particulars regarding the debtor specified in clause (b) of sub -section (1), \r\nand shall also specify– \r\n(a) the act of insolvency committed by such debtor, together with the date \r\nof its commission; and \r\n(b) the amount and particulars of his or their pecuniary claim or claims \r\nagainst such debtor. \r\n14. Withdrawal of petitions.– No petition, whether presented by a debtor or by a \r\ncreditor, shall be withdrawn without the leave of the Court. \r\n15. Consolidation of petitions .– Where two or more insolvency petitions are \r\npresented against the same debtor, or where separate petitions are presente d \r\nagainst joint debtors, the Court may consolidate the proceedings or any of them, on \r\nsuch terms as the Court thinks fit. \r\n16. Power to change carriage of proceedings .– Where the petitioner does not \r\nproceed with due diligence on his petition the Court may s ubstitute as petitioner any \r\nother creditor to whom the debtor may be indebted in the amount required by this Act \r\nin the case of a petitioning creditor. \r\n17. Continuance of proceedings on death of debtor .– If a debtor by or against \r\nwhom an insolvency petition has been presented dies, the proceedings in the matter \r\nshall, unless the Court otherwise orders, be continued so far as may be necessary \r\nfor the realisation and distribution of the property of the debtor. \r\n18. Procedure for admission of petition.– The procedure laid down in the Code \r\nof Civil Procedure, 1908\r\n1\r\n, with respect to the admission of plaints, shall, so far as it is \r\napplicable, be followed in the case of insolvency petitions. \r\n19. Procedure on admission of petition .– (1) Where an insolvency petition is \r\nadmitted, the Court shall make an order fixing a date for hearing the petition. \r\n(2) Notice of the order under sub -section (1) shall be given to creditors in \r\nsuch manner as may be prescribed. \r\n(3) Where the debtor is not the petitioner, notice of the orde r under sub -\r\nsection (1) shall be served on him in the manner provided for the service of \r\nsummons. \r\n \r\n1V of 1908. \r\n20. Appointment of interim receiver .– The Court when making an order \r\nadmitting the petition may, and where the debtor is the petitioner ordinarily shall, \r\nappoint an interim receiver of the property of the debtor or of any part thereof, and \r\nmay direct him to take immediate possession thereof or of any part thereof, and the \r\ninterim receiver shall thereupon have such of the powers conferrable on a receiver \r\nappointed under the Code of Civil Procedure, 1908\r\n1\r\n, as the Court may direct. If an \r\ninterim receiver is not so appointed, the Court may make such appointment at any \r\nsubsequent time before adjudication, and the provisions of \r\n2\r\n[this section] shall apply \r\naccordingly. \r\n21. Interim proceedings against debtor .– At the time of making an order \r\nadmitting the petition or at any subsequent time before adjudication, the Court may, \r\neither of its own motion or on the application of any creditor, make one or more of \r\nthe following orders, namely:– \r\n(1) order the debtor to give reasonable security for his appearance until \r\nfinal orders are made upon the petition, and direct that, in default of giving such \r\nsecurity, he shall be detained in the civil prison; \r\n(2) order the attachment by a ctual seizure of the whole or any part of the \r\nproperty in the possession or under the control of the debtor, other than such \r\nparticulars (not being his books of account) as are exempted by the Code of Civil \r\nProcedure, 1908\r\n3\r\n, or by any other enactment for t he time being in force from liability \r\nto attachment and sale in execution of a decree; \r\n(3) order a warrant to issue with or without bail for the arrest of the debtor, \r\nand direct either that he be detained in the civil prison until the disposal of the \r\npetition, or that he be released on such terms as to security as may be reasonable \r\nand necessary: \r\nProvided that an order under clause (2) or clause (3) shall not be made unless \r\nthe Court is satisfied that the debtor, with intent to defeat or delay his creditors or to \r\navoid any process of the Court,– \r\n(i) has absconded or has departed from the local limits of the jurisdiction \r\nof the Court, or is about to abscond or to depart from such limits, or is \r\nremaining outside them, or \r\n(ii) has failed to disclose or has conc ealed, destroyed, transferred or \r\nremoved from such limits, or is about to conceal, destroy, transfer or \r\nremove from such limits, any documents likely to be of use to his \r\ncreditors in the course of the hearing, or any part of his property other \r\nthan such particulars as aforesaid. \r\n22. Duties of debtors.– The debtor shall on the making of an order admitting the \r\npetition produce all books of account, and shall at any time thereafter give such \r\ninventories of his property, and such lists of his creditors and debt ors and of the \r\ndebts due to and from them, respectively, submit to such examination in respect of \r\nhis property or his creditors, attend at such times before the Court or receiver, \r\n \r\n1V of 1908. \r\n2Substituted for the words “this sub -section” by the Repealing and Amending Act 1939 (XXXIV of 1939), published in the \r\nGazette of India, Part-IV, dated September 30, 1939, pp. 204-207, s. 2 and First Schedule. \r\n3V of 1908. \r\nexecute such instruments, and generally do all such acts and things in relat ion to his \r\nproperty as may be required by the Court or receiver, or as may be prescribed. \r\n23. Release of debtor.– (1) At the time of making an order admitting the petition \r\nor at any subsequent time before adjudication, the Court may, if the debtor is under \r\narrest or imprisonment in execution of the decree of any Court for the payment of \r\nmoney, order his release on such terms as to security as may be reasonable and \r\nnecessary. \r\n (2) The Court may at any time order any person who has been released \r\nunder this se ction to be re -arrested and re -committed to the custody from which he \r\nwas released. \r\n (3) At the time of making any order under this section, the Court shall \r\nrecord in writing its reasons therefor. \r\n24. Procedure at hearing.– (1) On the day fixed for the hea ring of the petition, or \r\non any subsequent day to which the hearing may be adjourned, the Court shall \r\nrequire proof of the following matters, namely:– \r\n(a) that the creditor or the debtor, as the case may be, is entitled to \r\npresent the petition: \r\nProvided that, where the debtor is the petitioner, he shall, for the purpose of \r\nproving his inability to pay his debts, be required to furnish only such proof as to \r\nsatisfy the Court that there are prima facie grounds for believing the same and the \r\nCourt, if and when so satisfied, shall not be bound to hear any further evidence \r\nthereon; \r\n(b) that the debtor, if he does not appear on a petition presented by a \r\ncreditor, has been served with notice of the order admitting the petition; \r\nand \r\n(c) that the debtor has committed the act of insolvency alleged against \r\nhim. \r\n(2) The Court shall also examine the debtor, if he is present, as to his \r\nconduct, dealings and property in the presence of such creditors as appear at the \r\nhearing, and the creditors shall have the right to question the debtor thereon. \r\n(3) The Court shall, if sufficient cause is shown, grant time to the debtor or \r\nto any creditor to produce any evidence which appears to it to be necessary for the \r\nproper disposal of the petition. \r\n(4) A memorandum of the substance of the examination of the debtor and \r\nof any other oral evidence given shall be made by the Judge, and shall form part of \r\nthe record of the case. \r\n25. Dismissal of petition .– (1) In the case of a petition presented by a creditor, \r\nwhere the Court is not satisfie d with the proof of his right to present the petition or of \r\nthe service on the debtor of notice of the order admitting the petition, or of the \r\nalleged act of insolvency, or is satisfied by the debtor that he is able to pay his debts, \r\nor that for any other sufficient cause no order ought to be made, the Court shall \r\ndismiss the petition. \r\n(2) In the case of a petition presented by a debtor, the Court shall dismiss \r\nthe petition if it is not satisfied of his right to present the petition. \r\n26. Award of compensat ion.– (1) Where a petition presented by a creditor is \r\ndismissed under sub -section (1) of section 25, and the Court is satisfied that the \r\npetition was frivolous or vexatious, the Court may, on the application of the debtor, \r\naward against such creditor such amount, not exceeding one thousand rupees, as it \r\ndeems a reasonable compensation to the debtor for the expense or injury \r\noccasioned to him by the petition and the proceedings thereon, and such amount \r\nmay be realised as if it were a fine. \r\n(2) An award unde r this section shall bar any suit for compensation in \r\nrespect of such petition and the proceedings thereon. \r\nOrder of Adjudication \r\n27. Order of adjudication.– (1) If the Court does not dismiss the petition, it shall \r\nmake an order of adjudication, and shall specify in such order the period within which \r\nthe debtor shall apply for his discharge. \r\n (2) The Court may, if sufficient cause is shown, extend the period within \r\nwhich the debtor shall apply for his discharge, and in that case shall publish notice of \r\nthe order in such manner as it thinks fit. \r\n28. Effect of an order of adjudication .– (1) On the making of an order of \r\nadjudication, the insolvent shall aid to the utmost of his power in the realisation of his \r\nproperty and the distribution of the proceeds among his creditors. \r\n(2) On the making of an order of adjudication the whole of the property of \r\nthe insolvent shall vest in the Court or in a receiver as hereinafter provided, and shall \r\nbecome divisible among the creditors, and thereafter, except as provided by this Act, \r\nno creditor to whom the insolvent is indebted in respect of any debt provable under \r\nthis Act shall during the pendency of the insolvency proceedings have any remedy \r\nagainst the property of the insolvent in respect of the debt, or commence any su it or \r\nother legal proceeding, except with the leave of the Court and on such terms as the \r\nCourt may impose. \r\n(3) For the purposes of sub -section (2), all goods being, at the date of the \r\npresentation of the petition on which the order is made, in the possess ion, order or \r\ndisposition of the insolvent in his trade or business, by the consent and permission of \r\nthe true owner, under such circumstances that he is the reputed owner thereof, shall \r\nbe deemed to be the property of the insolvent. \r\n(4) All property which is acquired by or devolves on the insolvent after the \r\ndate of an order of adjudication and before his discharge shall forthwith vest in the \r\nCourt or receiver, and the provisions of sub-section (2) shall apply in respect thereof. \r\n(5) The property of the in solvent for the purposes of this section shall not \r\ninclude any property (not being books of account) which is exempted by the Code of \r\nCivil Procedure, 1908\r\n1\r\n, or by any other enactment for the time being in force from \r\nliability to attachment and sale in execution of a decree. \r\n \r\n1V of 1908. \r\n(6) Nothing in this section shall affect the power of any secured creditor to \r\nrealise or otherwise deal with his security, in the same manner as he would have \r\nbeen entitled to realise or deal with it if this section had not been passed. \r\n(7) An order of adjudication shall relate back to, and take effect from, the \r\ndate of the presentation of the petition on which it is made. \r\n29. Stay of pending proceeding.– Any Court in which a suit or other proceeding \r\nis pending against a debtor shall, on proof that an order of adjudication has been \r\nmade against him under this Act, either stay the proceeding, or allow it to continue \r\non such terms as such Court may impose. \r\n30. Publication of order of adjudication .– Notice of an order of adjudication \r\nstating the name, address and description of the insolvent, the date of the \r\nadjudication, the period within which the debtor shall apply for his discharge, and the \r\nCourt by which the adjudication is made, shall be published in the \r\n1\r\n[Official Gazette] \r\nand in such other manner as may be prescribed. \r\nProceedings consequent on order of adjudication \r\n31. Protection order .– (1) Any insolvent in respect of whom an order of \r\nadjudication has been made may apply to the Court for protection, and the Court \r\nmay on such application make an order for the protection of the insolvent from arrest \r\nor detention. \r\n(2) A protection order may apply either to all the debts of the debtor, or to \r\nany of them as the Court may think proper, and may commence and take effect at \r\nand for such time as the Court may direct, and may be revoked or renewed as the \r\nCourt may think fit. \r\n(3) A protection order shall protect the insolvent from being arrested or \r\ndetained in prison for any debt to which such order applies, and any insolvent \r\narrested or detained contrary to the terms of such an order shall be entitled to his \r\nrelease: \r\nProvided that no such order shall operate to prejudice the rights of any \r\ncreditor in the event of such order being revoked or the adjudication annulled. \r\n(4) Any creditor shall be ent itled to appear and oppose the grant of a \r\nprotection order. \r\n32. Power to arrest after adjudication .– At any time after an order of \r\nadjudication has been made, the Court may, if it has reason to believe on the \r\napplication of any creditor or the receiver, that the debtor has absconded or departed \r\nfrom the local limits of its jurisdiction with intent to avoid any obligation which has \r\nbeen, or might be, imposed on him by or under this Act, order a warrant to issue for \r\nhis arrest, and on his appearing or being b rought before it, may, if satisfied that he \r\nwas absconding or had departed with such intent, order his release on such terms as \r\nto security as may be reasonable or necessary, or if such security is not furnished, \r\n \r\n1Substituted for the words “local official Gazette” by the Government of India (Adaptation of Indian Laws) Order, 1937, \r\npublished in the Gazette of India (Extraordinary), dated April 1, 1937, pp. 75-344, s. 4 and Table of General Adaptations. \r\ndirect that he shall be detained in the civ il prison for a period which may extend to \r\nthree months. \r\n33. Schedule of creditors .– (1) When an order of adjudication has been made \r\nunder this Act, all persons alleging themselves to be creditors of the insolvent in \r\nrespect of debts provable under this Ac t shall tender proof of their respective debts \r\nby producing evidence of the amount and particulars thereof, and the Court shall, by \r\norder, determine the persons who have proved themselves to be creditors of the \r\ninsolvent in respect of such debts, and the amount of such debts, respectively, and \r\nshall frame a schedule of such persons and debts: \r\nProvided that, if, in the opinion of the Court, the value of any debt is incapable \r\nof being fairly estimated, the Court may make an order to that effect, and thereupo n \r\nthe debt shall not be included in the schedule. \r\n(2) A copy of every such schedule shall be posted in the Court-house. \r\n(3) Any creditor of the insolvent may, at any time before the discharge of \r\nthe insolvent, tender proof of his debt and apply to the Cour t for an order directing \r\nhis name to be entered in the schedule as a creditor in respect of any debt provable \r\nunder this Act, and not entered in the schedule, and the Court, after causing notice \r\nto be served on the \r\n1\r\n[receiver] and the other creditors who h ave proved their debts, \r\nand hearing their objections (if any) shall comply with or reject the application. \r\n34. Debts provable under the Act .– (1) Debts which have been excluded from \r\nthe schedule on the ground that their value is incapable of being fairly e stimated and \r\ndemands in the nature of unliquidated damages arising otherwise than by reason of \r\na contract or a breach of trust shall not be provable under this Act. \r\n(2) Save as provided by sub-section (1), all debts and liabilities, present or \r\nfuture, certain or contingent, to which the debtor is subject when he is adjudged an \r\ninsolvent, or to which he may become subject before his discharge by reason of any \r\nobligation incurred before the date of such adjudication, shall be deemed to be debts \r\nprovable under this Act. \r\nAnnulment of adjudication \r\n35. Power to annul adjudication of insolvency .– Where, in the opinion of the \r\nCourt, a debtor ought not to have been adjudged insolvent, or where it is proved to \r\nthe satisfaction of the Court that the debts of the insolv ent have been paid in full, the \r\nCourt shall, on the application of the debtor, or of any other person interested, by \r\norder in writing, annul the adjudication \r\n2\r\n[and the Court may, of its own motion or on \r\napplication made by the receiver or any creditor, ann ul any adjudication made on the \r\npetition of a debtor who was, by reason of the provisions of sub-section (2) of section \r\n10, not entitled to present such petition.] \r\n36. Power to cancel one of concurrent orders of adjudication.– If, in any case \r\nin which an o rder of adjudication has been made, it shall be proved to the Court by \r\n \r\n1Substituted for the word “insolvent” by the Provincial Insolvency (Amendment) Act, 1926 (XXXIX of 1926), published in the \r\nPunjab Gazette, Part-IV, dated October 1, 1926, pp. 200-201, s. 2. \r\n2Added by the Insolvency (Amend ment) Act, 1927 (XI of 1927), published in the Gazette of India, dated September 10, 1927, \r\npp. 27-28, s. 5. \r\nwhich such order was made that insolvency proceedings are pending in another \r\nCourt against the same debtor, and that the property of the debtor can be more \r\nconveniently distributed by such other Court, the Court may annul the adjudication or \r\nstay all proceedings thereon. \r\n37. Proceedings on annulment .– (1) Where an adjudication is annulled, all \r\nsales and dispositions of property and payments duly made, and all acts theretofore \r\ndone, by the Court or receiver, shall be valid; but, subject as aforesaid, the property \r\nof the debtor who was adjudged insolvent shall vest in such person as the Court may \r\nappoint, or, in default of any such appointment, shall revert to the debtor to the \r\nextent of his right or interest therein on such conditions (if any) as the Court may, by \r\norder in writing, declare. \r\n(2) Notice of every order annulling an adjudication shall be published in the \r\n1\r\n[Official Gazette] and in such other manner as may be prescribed. \r\nCompositions and schemes of arrangement \r\n38. Compositions and schemes of arrangement.– (1) Where a debtor, after the \r\nmaking of an order of adjudication, submits a proposal for a composition in \r\nsatisfaction of his debts, or a proposal for a scheme of arrangement of his affairs, \r\nthe Court shall fix a date for the consideration of the proposal, and shall issue a \r\nnotice to all creditors in such manner as may be prescribed. \r\n(2) If, on the consideration of the proposal, a majority in number and three -\r\nfourths in value of all the creditors whose debts are proved and who are present in \r\nperson or by pleader, resolve to accept the proposal, the same shall be deemed to \r\nbe duly accepted by the creditors. \r\n(3) The debtor may at the meeting amend the terms of his proposal if the \r\namendment is, in the opinion of the Court, calculated to benefit the general body of \r\ncreditors. \r\n(4) Where the Court is of opinion, after hearing the report of the receiver, if \r\na receiver has been appointed, and after considering any objections which may be \r\nmade by or on behalf of any creditor, that the terms of the proposal are not \r\nreasonable or are not calculated to benefit the general body of creditors, the Court \r\nshall refuse to approve the proposal. \r\n(5) If any facts are proved on proof of which the Court would be required \r\neither to refuse, suspend or attach conditions to the debtor's discharge, the Court \r\nshall refuse to approve the proposal unless it provides reasonable security for \r\npayment of not less than six annas in the rupee on all the unsecured debts provable \r\nagainst the debtor's estate. \r\n(6) No composition or scheme shall be approved by the Court which does \r\nnot provide for the payment in priority to other debts of all debts directed to be so \r\npaid in the distribution of the property of an insolvent. \r\n(7) In any other case the Court may either approve or refuse to approve \r\nthe proposal. \r\n \r\n1Substituted for the words “local official Gazette” by the Government of India (Adaptation of Indian Laws) Order, 1937, \r\npublished in the Gazette of India (Extraordinary), dated April 1, 1937, pp. 75-344, s. 4 and Table of General Adaptations. \r\n39. Order on approval .– If the Court approves the proposal, the terms shall be \r\nembodied in an order of the Court, and \r\n1\r\n[* * * * * * * * * * *], the order of \r\nadjudication shall be annulled, and the provisions of section 37 shall apply, and the \r\ncomposition or scheme shall be binding on all the creditors \r\n2\r\n[so far as relates to any \r\ndebt due to them from the debtor and provable under this Act]. \r\n40. Power to re-adjudge debtor insolvent.– If default is made in the payment of \r\nany instalment due in pursuance of the composition or scheme, or if it appears to the \r\nCourt that the composition or scheme cannot proceed without injustice or undue \r\ndelay, or that the approval of the Court was obtained by fraud, the Court may, if it \r\nthinks fit, re -adjudge the debtor insolvent and annul the composition or scheme but \r\nwithout prejudice to the validity of any transfer or payment duly made or of anything \r\nduly done under or in pursuance of t he composition or scheme. When a debtor is re -\r\nadjudged insolvent under this sub-section, all debts provable in other respects which \r\nhave been contracted before the date of such re-adjudication shall be provable in the \r\ninsolvency. \r\nDischarge \r\n41. Discharge.– (1) A debtor may, at any time after the order of adjudication, and \r\nshall, within the period specified by the Court, apply to the Court for an order of \r\ndischarge, and the Court shall fix a day, notice whereof shall be given in such \r\nmanner as may be prescrib ed, for hearing such application, and any objections \r\nwhich may be made thereto. \r\n(2) Subject to the provisions of this section, the Court may, after \r\nconsidering the objections of any creditor and, where a receiver has been appointed, \r\nthe report of the receiver– \r\n(a) grant or refuse an absolute order of discharge; or \r\n(b) suspend the operation of the order for a specified time; or \r\n(c) grant an order of discharge subject to any conditions with respect to \r\nany earnings or income which may afterwards become due to \r\ninsolvent, or with respect to his after-acquired property. \r\n42. Cases in which Court must refuse an absolute discharge .– (1) The Court \r\nshall refuse to grant an absolute order of discharge under section 41 on proof of any \r\nof the following facts namely– \r\n(a) that the insolvent’s assets are not of a value equal to eight annas in the \r\nrupee on the amount of his unsecured liabilities, unless he satisfies the \r\nCourt that the fact that the assets are not of a value equal to eight \r\nannas in the rupee on the amount of his unsecured liabilities has arisen \r\nfrom circumstances for which he cannot justly be held responsible; \r\n(b) that the insolvent has omitted to keep such books of account as are \r\nusual and proper in the business carried on by him and as sufficiently \r\n \r\n1Omitted the words “the Court shall frame a schedule in accordance with the provisions of section 33” by the Provincial \r\nInsolvency (Amendment) Act, 1935 (X of 1935), published in the Gazette of India, Part IV, dated October 5, 1935, p. 21, clause \r\n(i) of s. 2. \r\n2Substituted for the words “entered in the said schedule so far as relates to any debts entered therein” by the Act ibid., clause \r\n(ii) of s. 2. \r\ndisclose hi s business transactions and financial position within the \r\nthree years immediately preceding his insolvency; \r\n(c) that the insolvent has continued to trade after knowing himself to be \r\ninsolvent; \r\n(d) that the insolvent has contracted any debt provable under t his Act \r\nwithout having at the time of contracting it any reasonable or probable \r\nground of expectation (the burden of proving which shall lie on him) \r\nthat he would be able to pay it; \r\n(e) that the insolvent has failed to account satisfactorily for any loss o f \r\nassets or for any deficiency of assets to meet his liabilities; \r\n(f) that the insolvent has brought on, or contributed to, his insolvency by \r\nrash and hazardous speculations, or by unjustifiable extravagance in \r\nliving, or by gambling, or by culpable neglect of his business affairs; \r\n(g) that the insolvent has, within three months preceding the date of the \r\npresentation of the petition, when unable to pay his debts as they \r\nbecame due, given an undue preference to any of his creditors; \r\n(h) that the insolvent ha s on any previous occasion been adjudged an \r\ninsolvent or made a composition or arrangement with his creditors; \r\n(i) that the insolvent has concealed or removed his property or any part \r\nthereof, or has been guilty of any other fraud or fraudulent breach of \r\ntrust. \r\n(2) For the purposes of this section, the report of the receiver shall be \r\ndeemed to be evidence; and the Court may presume the correctness of any \r\nstatement contained therein. \r\n(3) The powers of suspending, and of attaching conditions to, an \r\ninsolvent's discharge may be exercised concurrently. \r\n43. Adjudication to be annulled on failure to apply for discharge .– (1) If the \r\ndebtor does not appear on the day fixed for hearing his application for discharge or \r\non such subsequent day as the Court may direct, o r if the debtor does not apply for \r\nan order of discharge within the period specified by the Court, the order of \r\nadjudication shall be annulled, and the provisions of section 37 shall apply \r\naccordingly. \r\n (2) Where a debtor has been released from custody und er the provisions \r\nof this Act, and the order of adjudication is annulled under sub -section (1), the Court \r\nmay, if it thinks fit, re -commit the debtor to his former custody, and the officer \r\nincharge of the prison to whose custody such debtor is so re -committed shall receive \r\nsuch debtor into his custody according to such re -commitment, and thereupon all \r\nprocesses which were in force against the person of such debtor at the time of such \r\nrelease as aforesaid shall be deemed to be still in force against him as i f no order of \r\nadjudication had been made. \r\n44. Effect of order of discharge.– (1) An order of discharge shall not release the \r\ninsolvent from– \r\n(a) any debt due to the \r\n1\r\n[Federal Government or a Provincial Government]; \r\n(b) any debt or liability incurred by means of any fraud or fraudulent breach \r\nof trust to which he was a party; \r\n(c) any debt or liability in respect of which he has obtained forbearance by \r\nany fraud to which he was a party; or \r\n(d) \r\n2\r\n[any liability under an order for the maintenance of a wife or child.] \r\n (2) Save as otherwise provided by sub -section (1), an order of discharge \r\nshall release the insolvent from all debts provable under this Act. \r\n (3) An order of discharge shall not release any person who, at the date of \r\nthe presentation of the petition, was a partner or co-trustee with the insolvent, or was \r\njointly bound or had made any joint contract with him or any person who was surety \r\nfor him. \r\nPART III \r\nAdministration of Property \r\nMethod of proof of debts \r\n45. Debts payable at the future time .– A credi tor may prove for a debt not \r\npayable when the debtor is adjudged an insolvent as if it were payable presently, \r\nand may receive dividends equally with the other creditors, deducting therefrom only \r\na rebate of interest at the rate of six per centum per annum computed from the \r\ndeclaration of a dividend to the time when the debt would have become payable, \r\naccording to the terms on which it was contracted. \r\n46. Mutual dealing and set -off.– Where there have been mutual dealings \r\nbetween an insolvent and a creditor proving or claiming to prove a debt under this \r\nAct, an account shall be taken of what is due from the one party to the other in \r\nrespect of such mutual dealings, and the sum due from the one party shall be set off \r\nagainst any sum due from the other party, a nd the balance of the account, and no \r\nmore, shall be claimed or paid on either side respectively. \r\n47. Secured creditors .– (1) Where a secured creditor realises his security, he \r\nmay prove for the balance due to him, after deducting the net amount realised. \r\n(2) Where a secured creditor relinquishes his security for the general \r\nbenefit of the creditors, he may prove for his whole debt. \r\n(3) Where a secured creditor does not either realise or relinquish his \r\nsecurity, he shall, before being entitled to have his d ebt entered in the schedule, \r\nstate in his proof the particulars of his security, and the value at which he assesses \r\nit, and shall be entitled to receive a dividend only in respect of the balance due to \r\nhim after deducting the value so assessed. \r\n(4) Where a security is so valued, the Court may at any time before \r\nrealisation redeem it on payment to the creditor of the assessed value. \r\n \r\n1Substituted for the word “Government” by the Provincial Insolvency (Amendment) Act 2012 (IX of 2012), published in the \r\nPunjab Gazette (Extraordinary), dated February 11, 2012, pp. 40133-40135, s. 10. \r\n2Substituted by the Federal Laws (Revision and Declaration) Ordinanc e, 1981 (XXVII of 1981), published in the Gazette of \r\nPakistan (Extraordinary), Part I, dated July 8,1981, pp. 345-475, s. 3 and Second Schedule. \r\n(5) Where a creditor, after having valued his security, subsequently \r\nrealises it, the net amount realised shall be substituted for the amount of any \r\nvaluation previously made by the creditor, and shall be treated in all respects as an \r\namended valuation made by the creditor. \r\n(6) Where a secured creditor does not comply with the provisions of this \r\nsection, he shall be excluded from all share in any dividend. \r\n48. Interest.– (1) On any debt or sum certain whereon interest is not reserved or \r\nagreed for, and which is overdue when the debtor is adjudged an insolvent, and \r\nwhich is provable under this Act, the creditor may prove for interes t at a rate not \r\nexceeding six per centum per annum,– \r\n(a) if the debt or sum is payable by virtue of a written instrument at a \r\ncertain time, from the time when such debt or sum was payable to the \r\ndate of such adjudication; or \r\n(b) if the debt or sum is payab le otherwise, from the time when a demand \r\nin writing has been made giving the debtor notice that interest will be \r\nclaimed from the date of the demand until the time of payment to the \r\ndate of such adjudication. \r\n(2) Where a debt which has been proved under t his Act includes interest \r\nor any pecuniary consideration in lieu of interest, the interest or consideration shall, \r\nfor the purposes of dividend, be calculated at a rate not exceeding six per centum \r\nper annum, without prejudice to the right of a creditor to receive out of the debtor's \r\nestate any higher rate of interest to which he may be entitled after all the debts \r\nproved have been paid in full. \r\n49. Mode of proof .– (1) A debt may be proved under this Act by delivering, or \r\nsending by post in a registered letter, to the Court an affidavit verifying the debt. \r\n (2) The affidavit shall contain or refer to a statement of account showing \r\nthe particulars of the debt, and shall specify the vouchers (if any) by which the same \r\ncan be substantiated. The Court may at any time call for the production of the \r\nvouchers. \r\n50. Disallowance and reduction of entries in schedule .– (1) Where the \r\nreceiver thinks that a debt has been improperly entered in the schedule, the Court \r\nmay, on the application of the receiver and after notice to the creditor, and such \r\ninquiry (if any) as the Court thinks necessary, expunge such entry or reduce the \r\namount of the debt. \r\n(2) The Court may also, after like inquiry, expunge an entry or reduce the \r\namount of a debt upon the application of a creditor w here no receiver has been \r\nappointed, or where the receiver declines to interfere in the matter or, in the case of \r\na composition or scheme, upon the application of the debtor. \r\nEffect of insolvency on antecedent transactions \r\n51. Restriction of rights of cred itor under execution.– (1) Where execution of \r\na decree has issued against the property of a debtor, no person shall be entitled to \r\nthe benefit of the execution against the receiver except in respect of assets realised \r\nin the course of the execution by sale or otherwise before the date of the admission \r\nof the petition. \r\n(2) Nothing in this section shall affect the rights of a secured creditor in \r\nrespect of the property against which the decree is executed. \r\n(3) A person who in good faith purchases the property of a debtor under a \r\nsale in execution shall in all cases acquire a good title to it against the receiver. \r\n52. Duties of Court executing decree as to property taken in execution .– \r\nWhere execution of a decree has issued against any property of a debtor whi ch is \r\nsaleable in execution and before the sale thereof notice is given to the Court \r\nexecuting the decree that an insolvency petition by or against the debtor has been \r\nadmitted, the Court shall, on application, direct the property, if in the possession of \r\nthe Court, to be delivered to the receiver, but the costs of the suit in which the decree \r\nwas made and of the execution shall be a first charge on the property so delivered, \r\nand the receiver may sell the property or an adequate part thereof for the purpose of \r\nsatisfying the charge. \r\n53. Avoidance of voluntary transfer .– Any transfer of property not being a \r\ntransfer made before and in consideration of marriage or made in favour of a \r\npurchaser or incumbrancer in good faith and for valuable consideration shall, if the \r\ntransferor is adjudged insolvent \r\n1\r\n[on a petition presented] within two years after the \r\ndate of the transfer, be voidable as against the receiver and may be annulled by the \r\nCourt. \r\n54. Avoidance of preference in certain cases .– (1) Every transfer of property, \r\nevery payment made, every obligation incurred, and every judicial proceeding taken \r\nor suffered by any person unable to pay his debts as they become due from his own \r\nmoney in favour of any creditor, with a view of giving that creditor a preferenc e over \r\nthe other creditors, shall, if such person is adjudged insolvent on a petition presented \r\nwithin three months after the date thereof, be deemed fraudulent and void as against \r\nthe receiver and shall be annulled by the Court. \r\n(2) This section shall not affect the rights of any person who in good faith \r\nand for valuable consideration has acquired a title through or under a creditor of the \r\ninsolvent. \r\n2\r\n[54-A. By whom petitions for annulment may be made .– A petition for the \r\nannulment of any transfer under section 53, or of any transfer, payment, obligation or \r\njudicial proceeding under section 54, may be made by the receiver or, with the leave \r\nof the Court, by any creditor who has proved his debt and who satisfies the Court \r\nthat the receiver has been requested and has refused to make such petition.] \r\n55. Protection of bona fide transactions.– Subject to the foregoing provisions \r\nof this Act with respect to the effect of insolvency on an execution, and with respect \r\n \r\n1Inserted by Insolvency Law (Amendment) Act, 1930 (X of 1930), published in the Punjab Gazette, Part -IV, dated April 11, \r\n1930, p. 147. \r\n2Inserted by the Provincial Insolvency (Amendment) Act, 1926 (XXXIX of 1926), published in the Punjab Gazette, Part-IV, dated \r\nOctober 1, 1926, pp. 200-201, s. 3. \r\nto the avoidance of certain transfers and prefere nces, nothing in this Act shall \r\ninvalidate in the case of an insolvency– \r\n(a) any payment by the insolvent to any of his creditors; \r\n(b) any payment or delivery to the insolvent; \r\n(c) any transfer by the insolvent for valuable consideration; or \r\n(d) any contr act or dealing by or with the insolvent for valuable \r\nconsideration: \r\nProvided that any such transaction takes place before the date of the order of \r\nadjudication, and that the person with whom such transaction takes place has not at \r\nthe time notice of the presentation of any insolvency petition by or against the debtor. \r\nRealisation of Property \r\n56. Appointment of receiver .– (1) The Court may, at the time of the order of \r\nadjudication, or at any time afterwards, appoint a receiver for the property of the \r\ninsolvent, and such property shall thereupon vest in such receiver. \r\n (2) Subject to such conditions as may be prescribed, the Court may– \r\n(a) require the receiver to give such security as it thinks fit duly to account \r\nfor what he shall receive in respect of the property; and \r\n(b) by general or special order, fix the amount to be paid as remuneration \r\nfor the services of the receiver out of the assets of the insolvent. \r\n(3) Where the Court appoints a receiver, it may remove the person in \r\nwhose possession or custody any such property as aforesaid is from the possession \r\nor custody thereof: \r\n Provided that nothing in this section shall be deemed to authorise the Court to \r\nremove from the possession or custody of property any person whom the insolvent \r\nhas not a present right so to remove. \r\n(4) Where a receiver appointed under this section– \r\n(a) fails to submit his accounts at such periods and in such form as the \r\nCourt directs, or \r\n(b) fails to pay the balance due from him thereon as the Court directs, or \r\n(c) occasions loss to the property by his wilful default or gross negligence, \r\nthe Court may direct his property to be attached and sold, and may \r\napply the proceeds to make good any balance found to be due from \r\nhim or any loss so occasioned by him. \r\n(5) The provisions of this sectio n shall apply, so far as may be, to interim \r\nreceivers appointed under section 20. \r\n57. Power to appoint Official Receivers.– (1) The \r\n1\r\n[\r\n1\r\n[Government]] may appoint \r\nsuch persons as it thinks fit (to be called \"Official Receivers\") to be receivers under \r\nthis Act within such local limits as it may prescribe. \r\n \r\n1Substituted for the words “Local Government” by the Government of Ind ia (Adaptation of Indian Laws) Order, 1937, published \r\nin the Gazette of India (Extraordinary), dated April 1, 1937, pp. 75-344, s. 4 and Table of General Adaptations. \r\n(2) Where any Official Receiver has been so appointed for the local limits \r\nof the jurisdiction of any Court having jurisdiction under this Act, he shall be the \r\nreceiver for the purpose of every order appointi ng a receiver or an interim receiver \r\nissued by any such Court, unless the Court for special reasons otherwise directs. \r\n(3) Any sum payable under clause (b) of sub-section (2) of section 56 in \r\nrespect of the services of an Official Receiver shall be credite d to such fund as the \r\n2\r\n[\r\n3\r\n[Government]] may direct. \r\n(4) Every Official Receiver shall receive such remuneration out of the said \r\nfund or otherwise as the \r\n4\r\n[\r\n5\r\n[Government]] may fix in this behalf, and no remuneration \r\nwhatever beyond that so fixed shall be received by the Official Receiver as such. \r\n58. Powers of Court if no receiver appointed.– Where no receiver is appointed, \r\nthe Court shall have all the rights of, and may exercise all the powers conferred on, a \r\nreceiver under this Act. \r\n59. Duties and powers of receiver.– Subject to the provisions of this Act, the \r\nreceiver shall, with all convenient speed, realise the property of the debtor and \r\ndistribute dividends among the creditors entitled thereto, and for that purpose may– \r\n(a) sell all or any part of the property of the insolvent; \r\n(b) give receipts for any money received by him; \r\nand may, by leave of the Court, do all or any of the following things, \r\nnamely:– \r\n(c) carry on the business of the insolvent so far as may be necessary for \r\nthe beneficial winding up of the same; \r\n(d) institute, defend or continue any suit or other legal proceeding relating \r\nto the property of the insolvent; \r\n(e) employ a pleader or other agent to take any proceedings or do any \r\nbusiness which may be sanctioned by the Court; \r\n(f) accept as the consideration for the sale of any property of the insolvent \r\na sum of money payable at a future time subject to such stipulations as \r\nto security and otherwise as the Court thinks fit; \r\n(g) mortgage or pledge any part of the property of the insolvent for the \r\npurpose of raising money for the payment of his debts; \r\n(h) refer any dispute to arbitration, and compromise all debts, claims and \r\nliabilities, on such terms as may be agreed upon; and \r\n \r\n1Substituted for the words “Provincial Government” by the Provincial Insolvency (Amendment) Act 2012 (IX of 2012), published \r\nin the Punjab Gazette (Extraordinary), dated February 11, 2012, pp. 40133-40135, s. 6. \r\n2Substituted for the words “Local Government” by the Government of India (Adaptation of Indian Laws) Order, 1937, published \r\nin the Gazette of India (Extraordinary), dated April 1, 1937, pp. 75-344, s. 4 and Table of General Adaptations. \r\n3Substituted for the words “Provincial Government” by the Provincial Insolvency (Amendment) Act 2012 (IX of 2012), published \r\nin the Punjab Gazette (Extraordinary), dated February 11, 2012, pp. 40133-40135, s. 6. \r\n4Substituted for the words “Local Government” by the Government of India (Adaptation of Indian Laws) Order, 1937, published \r\nin the Gazette of India (Extraordinary), dated April 1, 1937, pp. 75-344, s. 4 and Table of General Adaptations. \r\n5Substituted for the words “Provincial Government” by the Provincial Insolvency (Amendment) Act 2012 (IX of 2012), published \r\nin the Punjab Gazette (Extraordinary), dated February 11, 2012, pp. 40133-40135, s. 6. \r\n(i) divide in its existing form amongst the creditors, according to its \r\nestimated value, any property which, from its peculiar nature or other \r\nspecial circumstances, cannot readily or advantageously be sold. \r\n1\r\n[59-A. Power to require information regarding insolvent’s property .– (1) The \r\nCourt, if specially empowered in this beh alf by an order of the \r\n2\r\n[\r\n3\r\n[Government]], or \r\nany officer of the Court so empowered by a like order, may, on the application of the \r\nreceiver or any creditor who has proved his debt, at any time after an order of \r\nadjudication has been made, summon before it i n the prescribed manner any person \r\nknown or suspected to have in his possession any property belonging to the \r\ninsolvent, or supposed to be indebted to the insolvent, or any person whom the \r\nCourt or such officer, as the case may be, may deem capable of givi ng information \r\nrespecting the insolvent or his dealings or property, and the Court or such officer \r\nmay require any such person to produce any documents in his custody or power \r\nrelating to the insolvent or to his dealings or property. \r\n(2) If any person so summoned, after having been tendered a reasonable \r\nsum, refuses to come before the Court or such officer at the time appointed, or \r\nrefuses to produce any such document, having lawful impediment made known to \r\nand allowed by the court or such officer, the Cou rt or such officer may, by warrant, \r\ncause him to be apprehended and brought up for examination. \r\n(3) The Court or such officer may examine any person so brought before it \r\nor him concerning the insolvent, his dealings or property, and such person may be \r\nrepresented by a legal practitioner.] \r\n60. Special provisions in regard to immoveable property .– (1) In any local \r\narea in which a declaration has been made under section 68 of the Code of Civil \r\nProcedure, 1908\r\n4\r\n, and is in force, no sale of immoveable property paying revenue to \r\nthe Government or held or let for agricultural purposes shall be made by the \r\nreceiver; but, after the other property of the insolvent has been realised, the Court \r\nshall ascertain– \r\n(a) the amount required to satisfy the debts proved under this Act after \r\ndeducting the monies already received; \r\n(b) the immoveable property of the insolvent remaining unsold; and \r\n(c) the incumbra nces (if any) existing thereon; and shall forward a \r\nstatement to the Collector containing the particulars aforesaid; an d \r\nthereupon the Collector shall proceed to raise the amount so required \r\nby the exercise of such of the powers conferred on him by paragraphs \r\n2 to 10 of the Third Schedule to the said Code as he thinks fit, and \r\nsubject to the provisions of those paragraphs so far as they are \r\napplicable, and shall hold at the disposal of the Court all sums that may \r\ncome to his hands by the exercise of such powers. \r\n \r\n1Inserted by the Provincial Insolvency (Amendment) Act, 1926 (XXXIX of 1926), published in the Punjab Gazette, Part-IV, dated \r\nOctober 1, 1926, pp. 200-201, s. 4. \r\n2Substituted for the words “Local Government” by the Government of India (Adaptation of Indian La ws) Order, 1937, published \r\nin the Gazette of India (Extraordinary), dated April 1, 1937, pp. 75-344, s. 4 and Table of General Adaptations. \r\n3Substituted for the words “Provincial Government” by the Provincial Insolvency (Amendment) Act 2012 (IX of 2012), p ublished \r\nin the Punjab Gazette (Extraordinary), dated February 11, 2012, pp. 40133-40135, s. 6. \r\n4V of 1908. \r\n(2) Nothing in this Act shall be deemed to affect any provisions of any \r\nenactment for the time being in force pr ohibiting or restricting the execution of \r\ndecrees or orders against immoveable property; and any such provisions shall be \r\ndeemed to apply to the enforcement of an order of adjudication made under this Act \r\nas if it were such a decree or order. \r\n1\r\n[\r\n2\r\n[(3) In particular and without prejudice to the generality of sub -section (2), \r\nwhen the whole or any part of the estate of an Insolvent consists of land, such land \r\nshall not be temporarily alienated by the receiver; but after the other property of the \r\nInsolvent has been realized the Court shall proceed in the manner provided in sub -\r\nsection (1), and the Collector shall thereupon proceed to raise the amount required \r\nby means of a temporary alienation in such form and for such period as may be \r\nlegally permissible and as he thinks fit, and shall hold at the disposal of the Court all \r\nsums which may thereby come to his hands: \r\nProvided that such portions of the land shall be exempted from alienation as \r\nin the opinion of the Collector, having regard to the income of the judgm ent-debtor \r\nfrom all sources except such income as is dependent on the will of another person, \r\nis sufficient to provide for the maintenance of the insolvent and members of his \r\nfamily who are dependent on him, and such portion shall be deemed not to form par t \r\nof the estate under administration. \r\nExplanation.– For purposes of sub -section (3), “land” means land which is not \r\noccupied as the site of any building in a town or village and is occupied or has been \r\nlet for agricultural purposes or for purposes sub -servient to agriculture or for pasture, \r\nand includes the sites of buildings and other structures on such land.]] \r\nDistribution of Property \r\n61. Priority of debts.– (1) In the distribution of the property of the insolvent, there \r\nshall be paid in priority to all other debts– \r\n(a) all debts due to the \r\n3\r\n[Federal Government or Provincial Government or \r\nto a local government]; and \r\n(b) all salary or wages, not exceeding twenty rupees in all, of any clerk, \r\nservant or labourer in respect of service rendered to the insolvent \r\nduring four months before the date of the presentation of the petition. \r\n(2) The debts specified in sub -section (1) shall rank equally between \r\nthemselves, and shall be paid in full, unless the property of the insolvent is \r\ninsufficient to meet them, in whic h case they shall abate in equal proportions \r\nbetween themselves. \r\n(3) Subject to the retention of such sums as may be necessary for the \r\nexpenses of administration or otherwise, the debts specified in sub -section (1) shall \r\nbe discharged forthwith in so far a s the property of the insolvent is sufficient to meet \r\nthem. \r\n \r\n1Added by the Provincial Insolvency (Punjab Amendment) Act, 1939 (III of 1939), published in the Punjab Government Gazette \r\n(Extraordinary), dated April 20, 1939, s. 2. \r\n2Added by the Provincial Insolvency (West Pakistan Amendment) Ordinance, 1959, published in the Gazette of West Pakistan \r\n(Extraordinary), dated March 25, 1959, pp. 199-200, s. 2. \r\n3Substituted for the words “Government or to any loca l authority” by the Provincial Insolvency (Amendment) Act 2012 (IX of \r\n2012), published in the Punjab Gazette (Extraordinary), dated February 11, 2012, pp. 40133-40135, s. 11. \r\n(4) In the case of partners, the partnership property shall be applicable in \r\nthe first instance in payment of the partnership debts, and the separate property of \r\neach partner shall be applicable i n the first instance in payment of his separate \r\ndebts. Where there is a surplus of the separate property of the partners, it shall be \r\ndealt with as part of the partnership property; and where there is a surplus of the \r\npartnership property, it shall be deal t with as part of the respective separate property \r\nin proportion to the rights and interests of each partner in the partnership property. \r\n(5) Subject to the provisions of this Act, all debts entered in the schedule \r\nshall be paid rateably according to the a mounts of such debts respectively and \r\nwithout any preference. \r\n(6) Where there is any surplus after payment of the foregoing debts, it \r\nshall be applied in payment of interest from the date on which the debtor is adjudged \r\nan insolvent at the rate of six per centum per annum on all debts entered in the \r\nschedule. \r\n62. Calculation of dividends .– (1) In the calculation of dividends, the receiver \r\nshall retain in his hands sufficient assets to meet– \r\n(a) debts provable under this Act and appearing, from the insolvent 's \r\nstatements or otherwise, to be due to persons resident in places so \r\ndistant that in the ordinary course of communication they have not had \r\nsufficient time to tender their proofs; \r\n(b) debts provable under this Act, the subject of claims not yet determined; \r\n(c) disputed proofs or claims; and \r\n(d) the expenses necessary for the administration of the estate or \r\notherwise. \r\n(2) Subject to the provisions of sub -section (1), all money in hand shall be \r\ndistributed as dividends. \r\n63. Right of creditor who has not pro ved debt before declaration of a \r\ndividend.– Any creditor who has not proved his debt before the declaration of any \r\ndividend or dividends shall be entitled to be paid, out of any money for the time being \r\nin the hands of the receiver, any dividend or dividen ds which he may have failed to \r\nreceive before that money is applied to the payment of any future dividend or \r\ndividends; but he shall not be entitled to disturb the distribution of any dividend \r\ndeclared before his debt was proved by reason that he has not participated therein. \r\n64. Final dividend .– When the receiver has realised all the property of the \r\ninsolvent or so much thereof as can, in the opinion of the Court, be realised without \r\nneedlessly protracting the receivership, he shall declare a final dividen d; but before \r\nso doing, he shall give notice in manner prescribed to the persons whose claims to \r\nbe creditors have been notified but not proved, that if they do not prove their claims \r\nwithin the time limited by the notice, he will proceed to make a final d ividend without \r\nregard to their claims. After the expiration of the time so limited, or if the Court, on \r\napplication by any such claimant, grants him further time for establishing his claim, \r\nthen on the expiration of such further time, the property of the insolvent shall be \r\ndivided among the creditors entered in the schedule without regard to the claims of \r\nany other persons. \r\n65. No suit for dividend.– No suit for a dividend shall lie against the receiver; but \r\nwhere the receiver refuses to pay any dividend, the Court may, on the application of \r\nany creditor who is entered in the schedule, order him to pay it, and also to pay out \r\nof his own money interest thereon for the time that it is withheld, and the costs of the \r\napplication. \r\n66. Management by and allowance to insolvent.– (1) The Court may appoint \r\nthe insolvent himself to superintend the management of the property of the insolvent \r\nor of any part thereof, or to carry on the trade (if any) of the insolvent for the benefit \r\nof the creditors, and in any other res pect to aid in administering the property in such \r\nmanner and on such terms as the Court may direct. \r\n(2) The Court may, from time to time, make such allowance as it may think \r\njust to the insolvent out of his property for the support of himself and his famil y, or in \r\nconsideration of his services if he is engaged in winding up his estate; but any such \r\nallowance may, at any time, be varied or determined by the Court. \r\n67. Right of insolvent to surplus.– The insolvent shall be entitled to any surplus \r\nremaining after payment in full of his creditors, with interest as provided by this Act, \r\nand of the expenses of the proceedings taken thereunder. \r\n \r\n1\r\n[67-A. Committee of inspection .– (1) The court may, if it thinks fit, authorise the \r\ncreditors who have proved their debt s to appoint a committee of inspection for the \r\npurpose of superintending the administration of the insolvent's property by the \r\nreceiver. \r\n(2) The persons appointed to a committee of inspection shall be creditors \r\nwho have proved their debts or persons holdi ng general powers -of-attorney from \r\nsuch creditors. \r\n(3) The committee of inspection shall have such powers of control over the \r\nproceedings of the receiver as may be prescribed.] \r\nAppeal to Court against receiver \r\n68. Appeal to Court against receiver .– If the insolvent or any of the creditors or \r\nany other person is aggrieved by any act or decision of the receiver, he may apply to \r\nthe Court, and the Court may confirm, reverse or modify the act or decision \r\ncomplained of, and make such order as it thinks just: \r\n Provided that no application under this section shall be entertained after the \r\nexpiration of twenty-one days from the date of the act or decision complained of. \r\nPART IV \r\nPenalties \r\n69. Offences by debtors .– If a debtor, whether before or after the making of an \r\norder of adjudication,– \r\n(a) wilfully fails to perform the duties imposed on him by section 22 or to \r\ndeliver up possession of any part of his property which is divisible \r\n \r\n1Inserted by the Provincial Insolvency (Amendment) Act, 1926 (XXXIX of 1926), published in the Punjab Gazette, Part-IV, dated \r\nOctober 1, 1926, pp. 200-201, s. 5. \r\namong his creditors under this Act, and which is for the time being in \r\nhis possession or under his control to the Court or to any person \r\nauthorised by the Court to take possession of it, or \r\n(b) fraudulently with intent to conceal the state of his affairs or to defeat the \r\nobjects of this Act,– \r\n(i) has destroyed or otherwise wilfully prevente d or purposely \r\nwithheld the production of any document relating to such of his \r\naffairs as are subject to investigation under this Act, or \r\n(ii) has kept or caused to be kept false books, or \r\n(iii) has made false entries in or withheld entries from or wilfull y \r\naltered or falsified any document relating to such of his affairs as \r\nare subject to investigation under this Act, or \r\n(c) fraudulently with intent to diminish the sum to be divided among his creditors \r\nor to give an undue preference to any of his creditors,– \r\n(i) has discharged or concealed any debt due to or from him, or \r\n(ii) has made away with, charged, mortgaged or concealed any part \r\nof his pr operty of any kind whatsoever, he shall be punishable \r\non conviction \r\n1\r\n[* * *] with imprisonment which may extend t o one \r\nyear. \r\n \r\n2\r\n[70. Procedure on charge under section 69 .– Where the Court is satisfied, after \r\nsuch preliminary inquiry, if any, as it thinks necessary, that there is ground for \r\ninquiring into any offence referred to in section 69 and appearing to have been \r\ncommitted by the insolvent, the Court may record a finding to that effect and make a \r\ncomplaint of the offence in writing to a Magistrate of the first class having jurisdiction, \r\nand such Magistrate shall deal with such complaint in the manner laid down in the \r\nCode of Criminal Procedure, 1898\r\n3\r\n.] \r\n71. Criminal liability after discharge or composition .– Where an insolvent has \r\nbeen guilty of any of the offences specified in section 69, he shall not be exempt \r\nfrom being proceeded against therefor by reason that he has obtained his discharge \r\nor that a composition or scheme of arrangement has been accepted or approved. \r\n72. Undischarged insolvent obtaining credit .– (1) An undischarged insolvent \r\nobtaining credit to the extent of fifty rupees or upwards from any perso n without \r\ninforming such person that he is an undischarged insolvent shall, on conviction by a \r\nMagistrate, be punishable with imprisonment for a term which may extend to six \r\nmonths, or with fine, or with both. \r\n(2) Where the Court has reason to believe that an undischarged insolvent \r\nhas committed the offence referred to in sub -section (1), the Court, after making any \r\n \r\n1Repealed the words “by the Court” by the Repealing Act, 1927 (XII of 1927), published in the Gazette of India, Part -IV, dated \r\nSeptember 10, 1927, pp. 29-37, s. 2 and Schedule. \r\n2Substituted by the Insolvency (Amendment) Act, 1926 (IX of 1926), assented by the Governor General on 26.2.1926 , s. 11. \r\nLater on, amended by the Repealing and Amending Act, 1927 (X of 1927), published in the Gazette of India, Part -IV, dated \r\nApril 16, 1927, pp. 19-25, s. 3 and Second Schedule. \r\n3V of 1898. \r\npreliminary inquiry that may be necessary, may send the case for trial to the nearest \r\nMagistrate of the first class, and may send the accused i n custody or take sufficient \r\nsecurity for his appearance before such Magistrate; and may bind over any person to \r\nappear and give evidence on such trial. \r\n73. Disqualifications of insolvent .– (1) Where a debtor is adjudged or re -\r\nadjudged insolvent under this Act, he shall, subject to the provisions of this section, \r\nbe disqualified from– \r\n(a) being appointed or acting as a Magistrate; \r\n(b) being elected to any office of any \r\n1\r\n[local government] where the \r\nappointment to such office is by election or holding or exe rcising any \r\nsuch office to which no salary is attached; and \r\n(c) being elected or sitting or voting as member of any local authority. \r\n(2) The disqualifications which an insolvent is subject to under this section \r\nshall be removed, and shall cease if– \r\n(a) the order of adjudication is annulled under section 35, or \r\n(b) he obtains from the Court an order of discharge, whether absolute or \r\nconditional, with a certificate that his insolvency was caused by \r\nmisfortune without any misconduct on his part. \r\n (3) The Court may grant or refuse such certificate as it thinks fit, but \r\nany order of refusal shall be subject to appeal. \r\nPART V \r\nSummary Administration \r\n74. Summary administration .– When a petition is presented by or against a \r\ndebtor, if the Court is satisfied by affidavit or otherwise that the property of the debtor \r\nis not likely to exceed in value \r\n2\r\n[\r\n3\r\n[five hundred rupees]], the Court may make an \r\norder that the debtor's estate be administered in a summary manner, and thereupon \r\nthe provisions of this Act shall be subject to the following modifications, namely:– \r\n(i) unless the Court otherwise directs, no notice required under this Act, \r\nshall be published in the \r\n4\r\n[Official Gazette]; \r\n(ii) on the admission of a petition by a debtor, the property of the debtor \r\nshall vest in the Court as a receiver; \r\n(iii) at the hearing of the petition, the Court shall inquire into the debts and \r\nassets of the debtor, and determine the same by order in writing, and it \r\n \r\n1Substituted for the words “local authority” by the Provincial Insolvency (Amendment) Act 2012 (IX of 2012), published in the \r\nPunjab Gazette (Extraordinary), dated February 11, 2012, pp. 40133-40135, s. 12. \r\n2Substituted for the words “five hundred rupees” by the Punjab Relief of Indebtedness Act, 1934 (VII of 1934) and published in \r\nthe Punjab Gazette, Part-I, dated April 12, 1935, pp. 354-359, s. 4. \r\n3The words “two thousand rupees” substituted by the Punj ab Relief of Indebtedness Act, 1934 (VII of 1934), s. 4, repealed by \r\nthe Provincial Insolvency (West Pakistan Amendment) Ordinance, 1959, vide Notification No. Leg.3(8)/59, dated 25 th March, \r\n1959, published in the Gazette of West Pakistan (Extraordinary), dated March 25, 1959, pp. 199-200, s. 3 and Schedule. \r\n4Substituted for the words “local official Gazette” by the Government of India (Adaptation of Indian Laws) Order, 1937, \r\npublished in the Gazette of India (Extraordinary), dated April 1, 1937, pp. 75-344, s. 4 and Table of General Adaptations. \r\nshall not be necessary to frame a schedule under the provisions of \r\nsection 33; \r\n(iv) the property of the debtor shall be realised with all reasonable dispatch \r\nand thereafter, when practicable, distributed in a single dividend; \r\n(v) the debtor shall apply for his discharge within six months from the date \r\nof adjudication; and \r\n(vi) such other modifications as may be prescribed with the view of saving \r\nexpense and simplifying procedure: \r\nProvided that the Court may at any time direct that the ordinary procedure \r\nprovided for in this Act shall be followed in regard to the debtor's estate, and \r\nthereafter the Act shall have effect accordingly. \r\nPART VI \r\nAppeals \r\n75. Appeals.– (1) The debtor, any creditor, the receiver or any other person \r\naggrieved by a decision come to or an order made in the exercise of insolvency \r\njurisdiction by a Court subordinate to a District Court may appeal to the District \r\nCourt, and the order of the District Court upon such appeal shall be final: \r\nProvided that \r\n1\r\n[Lahore High Court], for the purpose of satisfying itself that an \r\norder made in any appeal decided by the District Co urt was according to law, may \r\ncall for the case and pass such order with respect thereto as it thinks fit: \r\nProvided, further, that any such person aggrieved by a decision of the District \r\nCourt on appeal from a decision of a subordinate Court under section 4 may appeal \r\nto \r\n2\r\n[Lahore High Court] on any of the grounds mentioned in sub-section (1) of section \r\n100 of the Code of Civil Procedure, 1908\r\n3\r\n. \r\n(2) Any such person aggrieved by any such decision or order of a District \r\nCourt as is specified in Schedule I, com e to or made otherwise than in appeal from \r\nan order made by a subordinate Court, may appeal to \r\n4\r\n[Lahore High Court]. \r\n(3) Any such person aggrieved by any other order made by a District Court \r\notherwise than in appeal from an order made by a subordinate Cour t may appeal to \r\n5\r\n[Lahore High Court] by leave of the District Court or of \r\n6\r\n[Lahore High Court]. \r\n(4) The periods of limitation for appeals to the District Court and to \r\n7\r\n[Lahore High Court] under this section shall be thirty days and ninety days, \r\nrespectively. \r\nPART VII \r\n \r\n1Substituted for the words “the High Court” by the Provincial Insolvency (Amendment) Act 2012 (IX of 2012), published in the \r\nPunjab Gazette (Extraordinary), dated February 11, 2012, pp. 40133-40135, s. 13. \r\n2Ibid. \r\n3V of 1908. \r\n4Substituted for the words “the High Court” by the Provincial Insolvency (Amendment) Act 2012 (IX of 2012), published in the \r\nPunjab Gazette (Extraordinary), dated February 11, 2012, pp. 40133-40135, s. 13. \r\n5Ibid. \r\n6Ibid. \r\n7Ibid. \r\nMiscellaneous \r\n76. Costs.– The costs of any proceeding under this Act, including the costs of \r\nmaintaining a debtor in the civil prison, shall, subject to any rules made under this \r\nAct, be in the discretion of the Court in which the proceeding is had. \r\n77. Courts to be auxiliary to each other .– All Courts having jurisdiction in \r\ninsolvency and the officers of such Courts respectively shall severally act in aid of \r\nand be auxiliary to each other in all matters of insolvency, and an order of a Court \r\nseeking aid with a request to another of the said Courts shall be deemed sufficient to \r\nenable the latter Court to exercise, in regard to the matters directed by the order, \r\nsuch jurisdiction as either of such Courts could exercise in regard to similar matters \r\nwithin their respective jurisdictions. \r\n78. Limitation.– (1) The provisions of sections 5 and 12 of the Limitation Act, \r\n1908\r\n1\r\n, shall apply to appeals and applications under this Act, and for the purpose of \r\nthe said section 12, a decision under section 4 shall be deemed to be a decree. \r\n(2) Where an order of adjudication has been annulled under this Act, in \r\ncomputing the period of limitation prescribed for any suit or application for the \r\nexecution of a decree (other than a suit or application in respect of which the leave of \r\nthe Court was obtained under sub -section (2) of section 28) which might have been \r\nbrought or made but for the making of an order of adjudication under this Act, the \r\nperiod from the date of the order of adjudication to the date of the order of annulment \r\nshall be excluded: \r\nProvided that nothing in this section shall apply to a suit or application in \r\nrespect of a debt provable but not proved under this Act. \r\n79. Power to make rules .– \r\n2\r\n[(1) \r\n3\r\n[Lahore High Court] may, with the previous \r\nsanction of the \r\n4\r\n[Government], make rules for carrying into effect the provisions of \r\nthis Act.] \r\n (2) In particular and without prejudice to the foregoing power, such rules \r\nmay provide– \r\n(a) for the appointment and remuneration of receivers (other than Official \r\nReceivers), the audit of the accounts of all receivers and the costs of \r\nsuch audit, \r\n(b) for meetings of creditors, \r\n(c) for the procedure to be followed where the debtor is a firm, \r\n5\r\n[* ] \r\n \r\n1V of 1908. \r\n2Substituted by the Government of India (Adaptation of Indian Laws) Order, 1937, published in the Gazette of India \r\n(Extraordinary), dated April 1, 1937, pp. 75-344, s. 4 and Schedule. \r\n3Substituted for the words “the High Court” by the Provincial Insolvency (Amend ment) Act 2012 (IX of 2012), published in the \r\nPunjab Gazette (Extraordinary), dated February 11, 2012, pp. 40133-40135, s. 14. \r\n4Substituted for the words “Provincial Government” by the Act ibid. \r\n5Omitted the word “and” by the Provincial Insolvency (Amendme nt) Act, 1926 (XXXIX of 1926), published in the Punjab \r\nGazette, Part-IV, dated October 1, 1926, pp. 200-201, s. 6. \r\n(d) for the procedure to be followed in the case of estates to be \r\nadministered in a summary manner,\r\n1\r\n[and \r\n(e) for any matter which is to be or may be prescribed.] \r\n(3) All rules made under this section shall be published \r\n2\r\n[* * *] in \r\n3\r\n[Official \r\nGazette], \r\n4\r\n[* * * *], and shall, on such publication, have effect as if \r\nenacted in this Act. \r\n80. Delegation of powers to Official Receivers .– (1) \r\n5\r\n[Lahore High Court], with \r\nthe like sanction, may from time to time direct that, in any matters in respect of which \r\njurisdiction is given to the Court by this Act, the Official Receiver shall, subjec t to the \r\ndirections of the Court, have all or any of the following powers, namely:– \r\n(a) \r\n6\r\n[* * * * * * * * * ] \r\n(b) to frame schedules and to admit or reject proofs of creditors; \r\n(c) \r\n7\r\n[* * * * * * * * * ] \r\n(d) \r\n8\r\n[* * * * * * * * * ] \r\n(e) to make interim orders in any case of urgency; and \r\n(f) to hear and determine any unopposed or ex parte application. \r\n(2) Subject to the appeal to the Court provided for by section 68, any order \r\nmade or act done by the Official Receiver in the exercise of the said \r\npowers shall be deemed the order or act of the Court. \r\n81. Power of \r\n9\r\n[Provincial Government ] to bar application of certain \r\nprovisions to certain Courts.– \r\n10\r\n[the Government], \r\n11\r\n[* * * * ], may, by notification \r\nin the \r\n12\r\n[Official Gazette], declare that any of the prov isions of this Act specified in \r\nSchedule II shall not apply to insolvency proceedings in any Court or Courts having \r\n \r\n1Inserted by the Act ibid. \r\n2Omitted the words “in the Gazette of India or” by the Government of India (Adaptation of Indian Laws) Order, 1937 , published \r\nin the Gazette of India (Extraordinary), dated April 1, 1937, pp. 75-344, s. 4 and Schedule. \r\n3Substituted for the words “local official Gazette” by the Order ibid., s. 4 and Table of General Adaptations. \r\n4Omitted the words “as the case may be” by the Order ibid. \r\n5Substituted for the words “the High Court” by the Provincial Insolvency (Amendment) Act 2012 (IX of 2012), published in the \r\nPunjab Gazette (Extraordinary), dated February 11, 2012, pp. 40133-40135, s. 15. \r\n6Omitted by the Provincial Insolvency (Amendment) Act, 1926 (XXXIX of 1926), published in the Punjab Gazette, Part-IV, dated \r\nOctober 1, 1926, pp. 200-201, s. 7. \r\n7Ibid. \r\n8Ibid. \r\n9Substituted for the words “Local Government” by the Government of India (Adaptation of Indian Laws) Order, 1937 , published \r\nin the Gazette of India (Extraordinary), dated April 1, 1937, pp. 75-344, s. 4 and Table of General Adaptations. \r\n10Substituted for the words “Any Provincial Government” by the Provincial Insolvency (Amendment) Act 2012 (IX of 2012), \r\npublished in the Punjab Gazette (Extraordinary), dated February 11, 2012, pp. 40133-40135, clause (i) of s. 16. \r\n11Omitted the words “with the previous sanction of the Governor General in Council” by the Devolution Act, 1920 (XXXVIII of \r\n1920), published in the Punjab Gazette, Part IV, dated September 24, 1920, pp. 127-153, s. 2 and Part I of the First Schedule. \r\n12Substituted for the words “local official Gazette” by the Government of India (Adaptation of Indian Laws) Order, 1937, \r\npublished in the Gazette of India (Extraordinary), dated April 1, 1937, pp. 75-344, s. 4 and Table of General Adaptations. \r\njurisdiction under this Act in any part of the territories administered by \r\n1\r\n[the \r\nGovernment]. \r\n82. \r\n2\r\n[ * * * * * * * * * ] \r\n83. Repeals.– (1) \r\n3\r\n[ * * * * * * * ] \r\n(2) Where in any enactment or instrument in force at the date of the \r\ncommencement of this Act, reference is made to Chapter XX (of Insolvent \r\nJudgment-debtors) of the Code of Civil Procedure, 1877\r\n4\r\n, or of the Code of Civil \r\nProcedure, 1882\r\n5\r\n, or to any section of either of those Chapters, such reference shall, \r\nso far as may be practicable, be construed as applying to this Act or to the \r\ncorresponding section thereof. \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n1Substituted for the words “such Provincial Government” by the Provincial Insolvency (Amendment) Act 2012 (IX of 2012), \r\npublished in the Punjab Gazette (Extraordinary), dated February 11, 2012, pp. 40133-40135, clause (ii) of s. 16. \r\n2Omitted by the Act ibid., s. 17. \r\n3Repealed by the Repealing Act, 1927 (XII of 1927), published in the Gazette of India, Part -IV, dated September 10, 1927, pp. \r\n29-37, s. 2 and Schedule. \r\n4X of 1877. \r\n5XIV of 1882. \r\nSCHEDULE I \r\n[See section 75(2)] \r\nDecisions and Orders from which an appeal lies to \r\n1\r\n[Lahore High Court] under \r\nsection 75 (2). \r\nSection Nature of decision or order \r\n4 Decision of questions of title, priority, etc., arising in insolvency. \r\n25 Order dismissing a petition. \r\n26 Order awarding compensation. \r\n27 Order of adjudication. \r\n33 Orders regarding entries in the schedule. \r\n35 Order annulling adjudication. \r\n37 Order declaring the conditions on which the debtor's property shall \r\nrevert to him on annulment of adjudication. \r\n41 Order on application for discharge. \r\n50 Order disallowing or reducing entries in the schedule. \r\n53 Order annulling a voluntary transfer. \r\n54 Decision that a transfer of property is a preference in favour of a \r\ncreditor. \r\n69 2\r\n[* * * * * * * * ] \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n1Substituted for the words “the High Court” by the Provincial Insolvency (Amendment) Act 2012 (IX of 2012), published in the \r\nPunjab Gazette (Extraordinary), dated February 11, 2012, pp. 40133-40135, s. 18. \r\n2Repealed by the Repealing Act, 1927 (XII of 1927), published in the Gazette of India, Part -IV, dated September 10, 1927, pp. \r\n29-37, s. 2 and Schedule. \r\nSCHEDULE II \r\n(See section 81) \r\nProvisions of the Act application of which may be barred by \r\n1\r\n[\r\n2\r\n[Government]]. \r\nProvisions of the \r\nAct \r\n Subject \r\nSection \r\n26 Award of compensation. \r\n28, sub-section (3) Reputed property of an insolvent. \r\n34 Debts provable under the Act. \r\n38 \r\nCompositions and schemes of \r\narrangement. 39 \r\n40 \r\n42, sub-sections (1) and (2). Obligation to refuse absolute \r\ndischarge. \r\n45 \r\nMethod of proof of debts. \r\n46 \r\n47 \r\n48 \r\n49 \r\n50 \r\n51 \r\nEffect of insolvency on \r\nantecedent transactions. \r\n52 \r\n53 \r\n54 \r\n55 \r\n61 [except clause (a) of \r\nsub-section (1) and sub -\r\nsection (4)] \r\nPriority of debts. \r\n62 \r\nDividends. \r\n63 \r\n64 \r\n65 \r\n66 Management by and allowance to \r\n \r\n1Substituted for the words “Local Government” by the Government of India (Adaptation of Indian Laws) Order, 1937, published \r\nin the Gazette of India (Extraordinary), dated April 1, 1937, pp. 75-344, s. 4 and Table of General Adaptations. \r\n2Substituted for the words “Provincial Governments” by the Provincial Insolvency (Amendment) Act 2012 (IX of 2012), \r\npublished in the Punjab Gazette (Extraordinary), dated February 11, 2012, pp. 40133-40135, s. 19. \r\ninsolvent. \r\n72 Penalty for obtaining of credit by \r\nundischarged insolvent. \r\n \r\nSCHEDULE III \r\n1\r\n[* * * * * *] \r\n \r\n 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