Bare Act

The Presidency-Towns Insolvency and the Provincial Insolvency (Bombay Amendment) Act, 1939

This Act is a specific legislative amendment designed to update insolvency procedures within the Bombay region. It introduces the concept of an "insolvency notice" into the Presidency-towns Insolvency Act, 1909. Essentially, it allows a creditor who holds a court decree or order for payment to serve a formal notice on a debtor. If the debtor fails to pay or secure the debt within at least one month, they are deemed to have committed an "act of insolvency." This provides a clear, time-bound mechanism for creditors to initiate insolvency proceedings, while protecting debtors who hold valid counter-claims against the creditor.

PDF: pending for this language.