Section 2. Definitions

2. Definitions.-- In this Act, unless there is anything repugnant in the subject or context,-- (a) "creditor" includes a decree-holder; (b) "debt" includes a judgment-debt, and "debtor" includes a judgment-debtor; [4] * * * * * * (c) "official assignee" includes an acting official assignee[5] [and a deputy official assignee, whether permanent or acting]; (d) "prescribed" means prescribed by rules; (e) "property" includes any property over which or the profits of which any person has a disposing power which he may exercise for his own benefit; (f) "rules" means rules made under this Act; (g) "secured creditor" includes a landlord who under any enactment for the time being in force has a charge on land for the rent of that land; (h) "the Court" means the Court exercising jurisdiction under this Act;[6] * * * (i) "transfer of property" includes a transfer of any interest therein and any charge created thereon; 7[(j) "States" means all the territories 8[which immediately before the 1stNovember, 1956, were comprised] within Part A States and Part C States.] 2. For cl.(i) and the proviso, applicable to Bombay only, see the Presidency-towns Insolvency and the Provincial Insolvency (Bombay Amendment) Act, 1939 (Bom.15 of 1939), s.2. 3. Ins. By Act 28 of 1978, s.2 (w.e.f.1-9-1979). (c) specify the amount due under the decree or order and require the debtor to pay the same or to furnish security for the payment of such amount to the satisfaction of the creditor or his agent; (d) specify for its compliance a period of not less than one month after its service on the debtor or, if it is to be served on a debtor residing, whether permanently or temporarily, outside India, such period (being not less than one month) as may be specified by the order of the Court granting leave for the service of such notice; (e) state the consequences of non-compliance with the notice. (4) No insolvency notice shall be deemed to be invalid by reason only that the sum specified therein as the amount due under the decree or order exceeds the amount actually due, unless the debtor, within the period specified in the insolvency notice for its compliance, gives notice to the creditor that the sum specified in the insolvency notice does not correctly represent the amount due under the decree or order: Provided that if the debtor does not give any such notice as aforesaid, he shall be deemed to have complied with the insolvency notice if, within the period specified therein for its compliance , he takes such steps as would have constituted a compliance with the insolvency notice had the actual amount due been correctly specified therein. (5) Any person served with an insolvency notice may, within the period specified therein for its compliance, apply to the Court to set aside the insolvency notice on any of the following grounds, namely:— (a) that he has a counter-claim or set off against the creditor which is equal to or is in excess of the amount due under the decree or order and which he could not, under any law for the time being in force, prefer in the suit or proceeding in which the decree or order was passed; (b) that he is entitled to have the decree or order set aside under any law providing for the relief of indebtedness and that— (i) he has made an application before the competent authority under such law for the setting aside of the decree or order; or (ii) the time allowed for the making of such application has not expired; (c) that the decree or order is not executable under the provisions of any law referred to in clause (b) on the date of the application.] 2. In the application of the Act to Bombay and Madras, this section has been repealed: see the Presidency-towns Insolvency (Bombay Amendment) Act, 1933 (Bom.20 of 1933), s.11 and Sch. I and the Presidency-towns Insolvency (Madras Amendment) Act, 1943 (Mad.5 of 1943), s.2. and impose such terms as a condition of granting leave, and make such orders with respect to fixtures, tenant's improvements and other matters arising out of the tenancy, as the Court thinks just. Explanation . —For the purposes of this section, the act of an agent may be the act of the principal, even though the agent have no specific authority to commit the act.[1] Order of adjudication 2. For Madras, the words "as is laid down in this Act or" have been ins. here by the Presidency-towns Insolvency (Madras Amendment) Act, 1943 (Mad.5 of 1943), s.3. 3. Subs. by Act 3 of 1929, s. 2, for "six months". 2. This section has been amended in its application to Bombay by s.8, ibid . 3. Subs. by the A.O.1937 for "the Govt. of India". 4. subs., ibid., for " the G.G in C". 2. Summoning of meetings.-- Meetings shall be summoned by sending notice of the time and place thereof to each creditor at the address given in his proof, or, if he has not proved, at the address given in the insolvent's schedule, or such other address as may be known to the official assignee. 2. Mode of lodging proof .-- A proof may be lodged by delivering or sending by post in a registered letter to the official assignee an affidavit verifying the debt.