The law of Insolvency has gained greater importance in recent times with the rise in the number of businesses going insolvent in today’s highly competitive environment and open market economy.
The learned author, Dr. Avtar Singh has presented a concise but illuminating commentary on the subject of Insolvency. In this analytical presentation he very efficiently draws attention to the inadequacy of the present law of Insolvency and suggests for a fresh new Act for the entire country.
Kerala Law Times :
"Almost all topics arising under the Law of Insolvency have been dealt with. In this small handy volume, the author has provided all that one would need to know in the Law of Insolvency."
About the Author
Dr. Avtar Singh, B.Com., LL.M., LL.D, is a multi-faceted personality, who has adorned his cap with multiple feathers- Author, Advocate, Professor. He has been awarded with numerous prestigious honours like Saraswati Sammaan by the U.P. Government and Vidya Bhushan Sammaan by the Hindi Sansthan in U.P., for his contributions in the field of legal education. In his decades long career he has been a visiting professor of Business Laws at IIM, Lucknow and Reader in Law at Lucknow University.
Titles written by him have been prescribed by many leading universities and have been lauded by both students and teachers. His works and writing style have been appreciated both Nationally and Internationally.
He has followed his signature style of writing in all his works- the most comprehensive study of the subject that he takes in his hands in a simple and lucid language. He has written in both English and Hindi languages.
His list of works include: Business Law, Company Law (in English and Hindi), Competition Law, Consumer Protection: Law and Practice, Contract Law (Easy Law Series), Introduction to Company Law (in English and Hindi), Introduction to Law of Negotiable Instruments, Introduction to Partnership (including Limited Liability Partnership) (in English and Hindi), Intellectual Property Law, Law of Arbitration and Conciliation (in English and Hindi), Laws of Banking and Negotiable Instruments (in English and Hindi), Law of Carriage (Air, Land and Sea), Law of Contract and Specific Relief (in English and Hindi), Law of Insolvency, Law of Insurance, Law of Partnership (Principles, Practice & Taxation), Law of Sale of Goods (in English and Hindi), Negotiable Instruments (in English and Hindi), Textbook on Law of Contract and Specific Relief.
TABLE OF CASES XI Objects of Insolvency Laws 1 Acts of Insolvency [S. 9, PTIA and S. 6, PIA] 2 Transfer of property for benefit of creditors 2 Transfer of property with intent to defeat or delay creditors 3 Fraudulent preference 5 Departure or seclusion 5 Sale of property in execution of decree 11 Debtor's petition for insolvency 14 Suspension of payments 15 Insolvency Notice [S. 9 Pres.] 18 Act of Insolvency by Agent 28 Who can be Adjudged Insolvent 19 Non-Residents or Foreigners [S. 11, PTIA and S. 8, PIA] 29 Minors 29 Married Woman 30 Persons of Unsound Mind 30 Partners and Partnership Firms [S. 99, PTIA and S. 79(2)(c) of PIA] 30 Joint Debtors 32 Joint Hindu Family 32 Representative Debtor 33 Corporations [S. 8, Prov.] 33 Constitution and Powers of Court 33 Appeals [S. 8, Pres.] 37 The petition 37 Procedure under Presidency Towns Insolvency Act [S. 10] 37 Restriction on Jurisdiction [S. 11] 40 Creditor's Petition [S. 9] 40 Limitation 45 Proceedings on Creditor's Petition [S. 13] 46 Debtor's Petition [S. 14, Pres. and S. 10, Prov.] 47 Procedure under Provincial Act 50 Contents of Petition [S. 13] 50 Withdrawal [S. 14] 52 Consolidation of Petitions [S. 15] 52 Power to Change Carriage of Proceedings [S. 16] 52 Death of Debtor [S. 17] 52 Procedure on Admission [S. 19] 52 What Constitutes 'Admission'54 Interim Receiver [S. 20] 54 Interim Proceedings against Debtor [S. 21] 55 Duties of Debtor [S. 22] 55 Release of Debtor [S. 23] 56 Procedure at Hearing [S. 24] 57 Dismissal of Petition [S. 25] 58 Award of Compensation [S. 26] 60 Order of Adjudication [S. 27] 60 Effects of Order of Adjudication [S. 17, PTIA and S. 28, PIA] 60 Vesting of Property 62 Vesting under Presidency Towns Insolvency Act [S. 17] 63 Vesting under Provincial Insolvency Act [S. 28] 66 Bar and stay of suits and other legal proceedings 68 Appointment of Special Manager [S. 19, PTIA] 71 Notice or Advertisement of Adjudication 71 Subsequent Proceedings 72 Protection Order [S. 25, Presidency and S. 31, Provincial] 72 Arrest after adjudication [S. 32, Provincial, S. 34, Presidency] 72 Schedule of Creditors [S. 33, Provincial, S. 24, Presidency] 72 Debts Provable [S. 34, Provincial, S. 46, Presidency] 73 Annulment of adjudication [S. 35, Prov. and S. 21, Pres] 75 Concurrent Proceedings [S. 36, Prov. and S. 22, Pres.] 78 Proceedings on annulment [S. 37, Prov. and S. 23, Pres.] 78 Meetings of creditors [S. 26, Presidency] 79 Public examination of insolvent [S. 27, Presidency] 80 Composition and schemes of arrangement [S. 38, Prov. and S. 28, Pres.] 81 Order on Approval [S. 39, Prov. and S. 30, Pres.] 84 Readjudication as Insolvent [S. 40, Prov. and S. 31, Pres.] 84 Control over person or property of insolvent 85 Duties of insolvent in realisation and discovery of property [S. 33, Pres.] 85 Arrest of insolvent [S. 34, Pres.] 86 Redirection of letters [S. 35, Pres.] 86 Discovery of insolvent's property [S. 36, Pres.] 87 Discharge of insolvent [S. 41, Prov. and S. 38, Pres.] 89 Discharge of proceedings 90 Cases in which absolute discharge refused [S. 42, Prov. S. 39, Pres.] 91 Annulment on Failure to apply for Discharge [S. 43, Prov. S. 41, Pres.] 93 Renewal of application for discharge [S. 42, Pres.] 93 Duty of Discharged Insolvent [S. 43, Pres.] 93 Fraudulent Settlements [S. 44, Pres.] 94 Effect of order of discharge [S. 44, Prov., S. 45, Pres.] 94 Administration of Property 96 Property divisible among creditors 96 Property Exempted 96 Property of Insolvent at Commencement of Insolvency 96 After-acquired Property 99 Personal earnings 101 Income 105 Income from trade or business 106 Methods of proof of debts 108 Future Debts [S. 45, Prov.] 108 Debts Provable [S. 46, Pres.] 109 Mutual dealings and set-off [S. 46, Prov., S. 47, Pres.] 112 Secured creditors [S. 47, Prov.] 116 Surrender of Security 118 Interest [S. 48, Prov.] 121 Mode of proof [S. 49, Prov.] 122 Disallowance and reduction of entries in Schedule [S. 50, Prov.] 122 Antecedent Transactions 122 Restriction of rights of creditor under execution [S. 51, PIA., S. 53, Pres.] 122 Criterion for Determining Good Faith 123 Knowledge of Insolvency Proceedings on part of Buyer and Good Faith 124 Emphasis should be upon Fairness of Sale 125 Formalities of setting aside 125 Avoidance of Voluntary Transfer [S. 53, Prov., S. 55, Pres.] 127 Avoidance of preference in certain cases or fraudulent preference [S. 54, Prov., S. 56, Pres.] 132 Conditions necessary for Avoidance of Preference 132 Protection of bona fide transactions [S. 55, Prov.] 134 Realisation of property [S. 56, Prov. and S. 58, Pres.] 135 Disclaimer of onerous property [Ss. 62-67, Pres.] 136 Power to appoint Official Receiver [S. 57, Prov.] 137 Duties and Powers of Receiver [S. 59, Prov. and S. 68, Pres.] 137 Power to require Information [S. 59-A, Prov.] 139 Sale of Agricultural Property [S. 60, Prov.] 139 Realisation of property under Presidency Act [S. 58] 140 Duty and powers of Official Assignee in realization [S. 68, Pres.] 140 Seizure of Property [S. 59] 141 Appropriation of Salary [S. 60] 141 Distribution of property 146 Priority of Debts [S. 61, Prov.] 146 Security Deposit in Court 147 Calculation of Dividends [S. 62, Prov.] 147 Creditor who could not Prove before Declaration [S. 63, Prov.] 147 Final Dividend [S. 64, Prov.] 148 No Suit for Dividend [S. 65, Prov.] 148 Management by and Allowance to Insolvent [S. 66, Prov.] 148 Right to Surplus [S. 67, Prov.] 148 Committee of Inspection [S. 67-A, Prov. and S. 88, Pres.] 148 Appeal to court against Receiver [S. 68, Prov., S. 86, Pres.] 148 Limitation 149 Appeals [S. 75, Prov.] 150 Appeal by Insolvent 153 Penalties 155 Punishment for offences [S. 69, Prov., S. 103, Pres.] 155 Disqualifications of insolvent [S. 73, Prov., S. 103-A, Pres.] 155 Summary Administration 156 Small Insolvencies [S. 74, Prov., S. 106, Pres.] 156 Review [S. 75, Prov.] 156 Official Assignee 158 Appointment and removal [S. 77, Pres.] 158 Duties as regards insolvent's Conduct [S. 79, Pres.] 158 Misfeasance [S. 82] 159 Control over discretionary powers [S. 85, Pres.] 159 Remuneration 159 Control of court [S. 87, Pres.] 159 Doctrine of Reputed Ownership 160 Hypothecation and reputed ownership 162 Real owner becomes creditor for value of his property 165 Benami Transactions 165 SUBJECT INDEX 253