Debts in respect of which no application for adjustment or settlement is made to be extinguished.

Every debt due from a debtor in respect of which no application has been made under section 24, before the date specified in that section, or in respect of which no application for recording a settlement is made under section 27 within the period specified in that section, or in respect of which an application made to the Court is withdrawn under sub-section (3) of section 24 and no fresh application is made under that section, and every debt due from such debtor in respect of which a statement is not submitted to the Court by the creditor in compliance with the provisions of section 28, shall be extinguished.