In force · As amended up to 2026-08
15. Proceedings and order on debtors petition.-- (1) A debtor's petition shall allege that the debtor is unable to pay his debts, and, if the debtor proves that he is entitled to present the petition, the Court may thereupon make an order of adjudication, unless in its opinion the petition ought to have been presented before some other Court having insolvency jurisdiction.
(2) A debtor's petition shall not, after presentation, be withdrawn without the leave of the Court.
[3] [(3) On the making of the order admitting his petition a debtor shall—
(a) unless the Court otherwise directs, produce all his books of account, and
(b) file such lists of creditors and debtors and afford such assistance to the Court as may be prescribed,
failing which the Court may dismiss his petition.]
15. Power of official assignee to admit or reject proof.-- The official assignee shall have power to admit or reject a proof for the purpose of voting but his decision shall be subject to appeal to the Court. If he is in doubt whether the proof of a creditor should be admitted or rejected, he shall mark the proof as objected to, and shall allow the creditor to vote, subject to the vote being declared invalid in the event of the objection being sustained.
16. Proxy.-- A creditor may vote either in person or by proxy.
15. Amendment where security subsequently realized .-- If a creditor after having valued his security subsequently realizes it, or if it is realized under the provisions of rule 12, the net amount realized shall be substituted for the amount of any valuation previously made by the creditor and shall be treated in all respects as an amended valuation made by the creditor.
Source: India Code