Section 16. Discretionary powers as to appointment of inter in receiver

16. Discretionary powers as to appointment of inter in receiver.-- The Court may, if it is shown to be necessary for the protection of the estate, at any time after the presentation of an insolvency petition and before an order of adjudication is made, appoint the official assignee to be interim receiver of the property of the debtor, or of any part thereof, and direct him to take immediate possession thereof or any part thereof, and the official assignee shall thereupon have such of the powers conferrable on a receiver appointed under the Code of Civil Procedure, 1908 (5 of 1908), as may be prescribed. 16. Exclusion from sharing in dividend .-- If a secured creditor does not comply with the foregoing rules, he shall be excluded from all share in any dividend.