Procedure on receipt of application

Finance193440 sections8 chapters

Part IV Part IV

Statutory text

(1) On receipt of an application under section 9 the board shall pass an order ring a dare ind place for hearing the application : Provided that the board may at any time dismiss the application if, for reasoils io bc sraled it1 wrihng , it does not consider it desirabie to attempt to effect a settlement between the debtor and the creditors.
(2) Notice of the order under sub-section
(1) shall be sent to creditors by registered post, acknowledgment due, and where the debtor is aot the appIicant, notice of the order under sub-section
- (I) shall be sent to him in a similar manner.

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