Adjudications in insolvency

(1) Nothing contained in this Act shall apply to the debts payable by any person who has been adjudicated an insolvent, if prior to the publication of the Tamil Nadu Agriculturists Relief (Amendment) Act, 1972, in the Tamil Nadu Government Gazette, a dividend has been declared out of his assets. (2) If a dividend has not been so declared, the Court shall, on application made by the insolvent debtor, the Official Assignee or Official Receiver in whom the property of such debtor has vested, or any other person interested, apply the provisions of this Act to the debts payable by the insolvent debtor if he would have been an agriculturist within the meaning of this Act but for his adjudication in insolvency. (3) If the application aforesaid is not made by the Official Assignee or Official Receiver, he shall be impleaded as a party thereto.