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 3, before the date specified in that section or in respect of which no application for recording a settlement is made under section 6 within the period specified in the said section 6, or in respect of which an application made to the Court is withdrawn under section 9 and no fresh application is made under section 3 and every debt due from such debtor in respect of which a statement is not submitted to the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 12, shall be extinguished.