The Provincial Insolvency Act, 1920

Section 3. In the C.P., read "two hundred rupees", see the Provincial Insolvency (C.P. Amendment) Act, 1936 (C.P. 2 of 1936), s. 2

In force · As amended up to 2026-08

3. In the C.P., read "two hundred rupees", see the Provincial Insolvency (C.P. Amendment) Act, 1936 (C.P. 2 of 1936), s. 2. 3. In Punjab read "two thousand rupees", see the Punjab Relief of Indebtedness Act, 1934 (Pun. 7 of 1937), s. 4. (i) unless the Court otherwise directs, no notice required under this Act shall be published in the Official Gazette; (ii) on the admission of a petition by a debtor, the property of the debtor shall vest in the Court as a receiver; (iii) at the hearing of the petition, the Court shall inquire into the debts and assets of the debtor and determine the same by order in writing, and it shall not be necessary to frame a schedule under the provisions of section 33; (iv) the property of the debtor shall be realised with all reasonable dispatch and thereafter, when practicable, distributed in a single dividend; (v) the debtor shall apply for his discharge within six months from the date of adjudication; and (vi) such other modifications as may be prescribed with the view of saving expense and simplifying procedure: Provided that the Court may at any time direct that the ordinary procedure provided for in this Act shall be followed in regard to the debtor's estate, and thereafter the Act shall have effect accordingly.

Source: India Code