Application for adjustment of debts.

Finance197562 sections

Statutory text

(1) Any debtor or his creditor may, within a period of six months from the date of commencement of this Chapter, make an application to the Court for adjustment of the debts of the debtor.
(2) Every application under this section shall be made in writing in the prescribed form, and shall be signed, verified and presented, in the prescribed manner, and shall contain such particulars and be accompanied by copies of such documents as may be prescribed.
(3) Notwithstanding anything contained in sections 58 and 60, an application under this section shall also contain the particulars of all debts specified in those sections due by the debtor.
(4) An application made under this section shall not be withdrawn without the leave of the Court.
(5) Where two or more applications are made under this section by or against the same debtor, all such applications shall be consolidated. Where such applications are presented by or against joint debtors, all such applications shall be heard together.

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