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In force

The Provincial Insolvency Act, 1920

84 sections · As amended up to 2026-08

Sections

  1. 1Short title and extent
  2. 2Section 2
  3. 3In the C.P., read "two hundred rupees", see the Provincial Insolvency (C.P. Amendment) Act, 1936 (C.P. 2 of 1936), s. 2
  4. 4Section 4
  5. 5General powers of Courts
  6. 6Acts of insolvency
  7. 7Petition and adjudication
  8. 8Exemption of corporation, etc., from insolvency proceedings
  9. 9Conditions on which creditor may petition
  10. 10Conditions on which debtor may petition
  11. 11Court to which petition shall be presented
  12. 12Verification of petition
  13. 13Contents of petition
  14. 14Withdrawal of petitions
  15. 15Consolidation of petitions
  16. 16Power to change carriage of proceedings
  17. 17Continuance of proceedings on death of debtor
  18. 18Procedure for administration of petition
  19. 19Procedure on admission of petition
  20. 20Appointment of interim receiver
  21. 22Duties of debtors
  22. 23Release of debtor
  23. 24Procedure at hearing
  24. 25Dismissal of petition
  25. 26Award of compensation
  26. 27Order of adjudication
  27. 28Effect of an order of adjudication
  28. 28AInsolvent's property to comprise certain capacity
  29. 29Stay of pending proceeding
  30. 31Protection order
  31. 32Power to arrest after adjudication
  32. 33Schedule of creditors
  33. 34Debts provable under the Act
  34. 35Power to annul adjudication of insolvency
  35. 36Power to cancel one of concurrent orders of adjudication
  36. 37Proceedings on annulment
  37. 38Compositions and schemes of arrangement
  38. 39Order on approval
  39. 40Power to re-adjudge debtor insolvent
  40. 41Discharge
  41. 42Cases in which Court must refuse an absolute discharge
  42. 43Adjudication to be annulled on failure to apply for discharge
  43. 44Effect of order of discharge
  44. 45Debt payable at a future time
  45. 46Mutual dealings and setoff
  46. 47Secured creditors
  47. 48Interest
  48. 49Mode of proof
  49. 50Disallowance and reduction of entries in schedule
  50. 51Restriction of rights of creditor under execution
  51. 52Duties of Court executing decree as to property taken in execution
  52. 53Avoidance of voluntary transfer
  53. 54Avoidance of preference in certain cases
  54. 54ABy whom petitions for annulment may be made
  55. 55Protection of
  56. 56Appointment of Receiver
  57. 57Power to appoint Official Receivers
  58. 58Powers of Court if no receiver appointed
  59. 59Duties and powers of receiver
  60. 59APower to require information regarding insolvent's property
  61. 60Special provisions in regard to immovable property
  62. 61Priority of debts
  63. 62Calculation of dividends
  64. 63Right of creditor who has not proved debt before declaration of a dividend
  65. 64Final dividend
  66. 65No suit for dividend
  67. 66Management by and allowance to insolvent
  68. 67Right of insolvent to surplus
  69. 67ACommittee of inspection
  70. 68Appeal to Court against receiver
  71. 69Offences by debtors
  72. 70Procedure on charge under section 69
  73. 71Criminal liability after discharge or composition
  74. 72Undischarged insolvent obtaining credit
  75. 73Disqualifications of insolvent
  76. 74Summary administration
  77. 75Appeals
  78. 76Costs
  79. 77Courts to be auxiliary to each other
  80. 78Limitation
  81. 79Power to make rules
  82. 80Delegation of powers to Official Receivers
  83. 81Power of State Government to bar application of certain provisions to certain Courts
  84. 82Savings