The Presidency-Towns Insolvency Act, 1909

Section 10. Power to adjudicate

In force · As amended up to 2026-08

10. Power to adjudicate.-- Subject to the conditions specified in this Act, if a debtor commits an act of insolvency, an insolvency petition may be presented either by a creditor or by the debtor, and the Court may on such petition make an order (hereinafter called an order of adjudication) adjudging him an insolvent. Explanation .—The presentation of a petition by the debtor shall be deemed an act of insolvency within the meaning of this section, and on such petition the Court may make an order of adjudication. 10. No Vote in respect of certain debts.-- A creditor shall not vote at any such meeting in respect of any unliquidated or contingent debt, or any debt the value of which is not ascertained. 10. Proof where security is surrendered.-- If a secured creditor surrenders his security to the official assignee for the general benefit of the creditors, he may prove for his whole debt.

Source: India Code