Conditions on which debtor may petition

(1) A debtor shall not be entitled to present an insolvency petition, unless he is unable to pay his debts; and (a) his debts amount to Rs. 500; or (b) he is under arrest or imprisonment in execution of the decree of any Court for the payment of money; or (c) an order of attachment in execution of such a decree has been made, and is subsisting, against his property. (2) A debtor in respect of whom an order of adjudication made under this Act has been annulled, owing to his failure to apply, or to prosecute an application for his discharge, shall not be entitled to present an insolvency petition without the leave of the Court by which the order of adjudication was annulled. Such Court shall not grant leave unless it is satisfied either that the debtor was prevented by any reasonable cause from presenting or prosecuting his application, as the case may be or that the petition is founded on facts substantially different from those contained in the petition on which the order of adjudication was made.