Order of adjudication:
The order of court by which a person is declared to be insolvent is called the order adjudication.
Conditions of a creditor’s petition
1.The amount owned must be Rs. 500 or more. Two or more creditors may present a joint petition in which case it is sufficient if the total claim of the creditors amounts to at least Rs.500 in all.
1.The amount owned must be Rs. 500 or more. Two or more creditors may present a joint petition in which case it is sufficient if the total claim of the creditors amounts to at least Rs.500 in all.
2.The debt is a liquidated sum payable either immediately.
3.The debtor must have committed in act insolvency within three months before the presentation of the petition.
4.A secured creditor i.e., one who holds some movable or immovable property of the debtor out of which he can realize his claims, is not ordinary interested in solvency proceedings because his dues are safe.
Creditors of Debtor’s petition
A debtor is entitled to present a petition for the adjudication of himself as an insolvent if anyone are following conditions are fulfilled.
1.His debts amount to Rs.500.
2.An order of attachment execution of money decree has been made and his subsisting his property.
The procedure of insolvency
Under both the acts insolvency is done through the following successive stages.
1.Presentation of the insolvency petition and the evidence of it.
2.The appointment of an interim assignee or receiver.
3.passing the order of adjudication and
4.The discharge of the insolvent.
Procedure after the filing of an insolvency petition
A creditor’s petition must be verified by an affidavit of the creditor or of some person having knowledge of the facts. At the hearing the court shall require proof of the debt of the petitioning creditors and of the debtor’s act of insolvency. Notice of the petition must be given to the debtor. If all the necessary facts are proved the court will issue the order of adjudication. if the debtor appears and proves that he is not indebted or if he pays the amount due to the petitioning creditor no order of adjudication will be passed
The court may at the time of presentation of the petition appoint and interim receiver to take charge of the properties of the debtor.
A debtor is entitled to present a petition for the adjudication of himself as an insolvent if anyone are following conditions are fulfilled.
1.His debts amount to Rs.500.
2.An order of attachment execution of money decree has been made and his subsisting his property.
The procedure of insolvency
Under both the acts insolvency is done through the following successive stages.
1.Presentation of the insolvency petition and the evidence of it.
2.The appointment of an interim assignee or receiver.
3.passing the order of adjudication and
4.The discharge of the insolvent.
Procedure after the filing of an insolvency petition
A creditor’s petition must be verified by an affidavit of the creditor or of some person having knowledge of the facts. At the hearing the court shall require proof of the debt of the petitioning creditors and of the debtor’s act of insolvency. Notice of the petition must be given to the debtor. If all the necessary facts are proved the court will issue the order of adjudication. if the debtor appears and proves that he is not indebted or if he pays the amount due to the petitioning creditor no order of adjudication will be passed
The court may at the time of presentation of the petition appoint and interim receiver to take charge of the properties of the debtor.
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