Effects of sanctioning scheme.

When the Collector sanctions the liquidation scheme, he shall notify the fact of such sanction at such place and in such manner as the 1[State] Government may from time to time by rule direct; and thereupon-

1. (i) all proceedings, processes, executions and attachments stayed or suspended under section 46 shall be forever barred;
2. (ii) every debt or liability due or owning to any person which was provable before the Manager shall be extinguished, and such person shall be entitled to receive under the liquidation scheme the amount, if any, finally awarded to him under the preceding sections in respect of such debt or liability