Section 20. Effects of sanctioning scheme

20. Effects of sanctioning scheme.— When the Commissioner sanctions the liquidation-scheme, he shall notify the fact of such sanction at such places and in such manner as the Local Government may from time to time by rule direct; and thereupon— 1 st, all proceedings, processes, executions and attachments stayed or suspended under section 9 shall be for ever barred, and 2 nd, every debt or liability due or owing to any person which was proveable before the manager shall be extinguished, and such person shall be entitled to receive under the liquidation-scheme the amount (if any) finally awarded to him under Part IV of this Act in respect of such debt or liability.