The Presidency-Towns Insolvency Act, 1909

Section 20. Advertisement of order of adjudication

In force · As amended up to 2026-08

20. Advertisement of order of adjudication.-- Notice of every order of adjudication, stating the name, address and description of the insolvent, the date of the adjudication, the Court by which the adjudication is made and the date of presentation of the petition, shall be published[2] * * * in the Official Gazette and in such other manner as may be prescribed. Annulment of adjudication 20. Official assignee as proxy.-- A creditor may appoint the official assignee to act as his proxy. 20. Proceeds of sale.-- The monies to arise from such sale shall be applied, in the first place, in payment of the costs, charges and expenses of and occasioned s by the application to the Court, and of such sale and the commission (if any) of the official assignee, and in the next place in payment and satisfaction, so far as the same extend, of what shall be found due to such mortgagee, for principal, interest and costs, and the surplus of the sale monies(if any) shall then be paid to the official assignee. But if the monies to arise from such sale are insufficient to pay and satisfy what is so found due to such mortgagee, then he shall be entitled to prove as a creditor for such deficiency, and receive dividends thereon rateably with the other creditors, but so as not to disturb any dividend then already declared.

Source: India Code