Vidhi Codex

Bare Act

The Travancore-Cochin Insolvency Act, 1956

Corporate195585 sections

This Act establishes the legal procedures for dealing with individuals who cannot pay their debts. It applies to debtors in the Travancore-Cochin region who engage in specific acts of insolvency, such as transferring property to avoid creditors or fleeing the state. The law empowers District Courts to manage these cases, giving them the authority to resolve disputes over property and decide how assets should be distributed fairly among creditors. By setting out clear rules for court procedures and defining what constitutes insolvency, the Act ensures that both debtors and creditors are treated fairly while preventing fraudulent behavior.

Start reading →Read full ActSections
  1. 1. Short title, extent and commencement
  2. 2. Definitions
  3. 3. Insolvency jurisdiction
  4. 4. Power of Court to decide all questions arising in insolvency
  5. 5. General powers of Courts
  6. 6. Acts of insolvency
  7. 7. Petition and adjudication
  8. 8. Exemption of corporation etc., from insolvency proceedings
  9. 9. Conditions on which creditor may petition
  10. 10. Conditions on which debtor may petition
  11. 11. Court to which petition shall be presented
  12. 12. Verification of petition
  13. 13. Contents of petition
  14. 14. Withdrawal of petitions
  15. 15. Consolidation of petitions
  16. 16. Power to charge carriage of proceedings
  17. 17. Continuance of proceedings on death of debtor
  18. 18. Procedure for admission of petition
  19. 19. Procedure on admission of petition
  20. 20. Appointment of interim receiver
  21. 21. Interim proceedings against debtor
  22. 22. Duties of debtors
  23. 23. Release of debtors
  24. 24. Procedure at hearing
  25. 25. Dismissal of petitions
  26. 26. Award of compensation
  27. 27. Order of adjudication
  28. 28. Effect of an order of adjudication
  29. 29. Insolvency's property to comprise certain capacity.
  30. 30. Stay of pending proceedings.
  31. 31. Publication of order of adjudication.
  32. 32. Protection order.
  33. 33. Power to arrest after adjudication.
  34. 34. Schedule of creditors.
  35. 35. Debts provable under the Act.
  36. 36. Power to annul adjudication of insolvency.
  37. 37. Power to cancel one of concurrent orders of adjudication.
  38. 38. Proceedings on annulment.
  39. 39. Compositions and schemes of arrangement.
  40. 40. Order on approval.
  41. 41. Power to re-adjudge debtor insolvent.
  42. 42. Discharge.
  43. 43. Cases in which Court must refuse an absolute discharge.
  44. 44. Adjudication to be annulled on failure to apply for discharge.
  45. 45. Effect of order of discharge.
  46. 46. Debt payable at a future time.
  47. 47. Mutual dealings and set off.
  48. 48. Secured creditors.
  49. 49. Interest.
  50. 50. Mode of proof.
  51. 51. Disallowance and reduction of entries in schedule.
  52. 52. Restriction of rights of creditor under execution.
  53. 53. Duties of Court executing decree as to property taken in execution.
  54. 54. Avoidance of voluntary transfer.
  55. 55. Avoidance of preference in certain cases.
  56. 56. By whom petitions for annulment may be made.
  57. 57. Protection of bona fide transactions.
  58. 58. Appointment of receiver.
  59. 59. Power to appoint Official Receivers.
  60. 60. Power of Court if no receiver appointed.
  61. 61. Duties and powers of receiver.
  62. 62. Power to require information regarding insolvent's property.
  63. 63. Special provisions in regard to immovable property.
  64. 64. Priority of debts.
  65. 65. Calculation of dividends.
  66. 66. Right of creditor who has not proved debt before declaration of a dividend.
  67. 67. Final dividend.
  68. 68. No suit for dividend.
  69. 69. Management by and allowance to insolvent.
  70. 70. Right of insolvent to surplus.
  71. 71. Committee of inspection.
  72. 72. Appeal to Court against receiver.
  73. 73. Offences by debtors.
  74. 74. Procedure on charge under Section 73.
  75. 75. Criminal liability after discharge or composition.
  76. 76. Undischarged insolvent obtaining credit.
  77. 77. Disqualifications of insolvent.
  78. 78. Summary administration.
  79. 79. Appeals.
  80. 80. Costs.
  81. 81. Courts to be auxiliary to each other.
  82. 82. Limitation.
  83. 83. Power to make rules.
  84. 84. Delegation of powers to Official Receivers.
  85. 85. Power of Government to bar application of certain provisions to certain Courts.

PDF: pending for this language.