Vidhi Codex

section 82

B. (1) Where an insolvent's estate has no available assets, the official assignee shall not incur any costs, charges or

The Presidency-towns Insolvency (Tamil Nadu Amendment) Act, 1943
Corporate194312 sections
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Statutory text
  1. (2) Nothing contained in sub-section
  2. (1) shall be deemed to authorize the official assignee to spend any amount in excess of the balance for the time being available in the fund placed at his disposal by the [State] Government for expenditure under that sub-section.
  3. (3) Any amount spent in respect of an insolvent's estate by the official assignee out of the fund referred to in sub-section
  4. (2) shall, if any assets of the estate subsequently become available to the official assignee, be paid back by him into such fund, in priority to all other claims and charges on such assets other than fees and percentages chargeable by the official assignee under this Act". 12. Repeal of section 83 Section 83 of the said Act shall be omitted. 13. Amendment of section 84 In section 84 of the said Act, for the words " an official assignee," the words " a person for the time being holding the office of official assignee" and for the word " vacate," the words " be deemed to have vacated " shall be substituted. 14. Insertion of new section After section 84 of the said Act, the following section shall be inserted, namely :- " 84-A. (1)
    • (a) The official assignee shall maintain an account with the Reserve Bank of India in the prescribed manner and shall pay into such account, after making any prescribed deductions, all moneys received by him in the realization of insolvents' estates and any other sums the payment of which may be prescribed.
    • (b) All payments to be made by the official assignee in respect of liabilities arising from insolvents' estates shall, except in the case referred to in section 82-B, be made by cheques drawn by the official assignee on the said account or by cash realized from the proceeds of such cheques.
  5. (2) Subject to such rules as may be made under section 112, whenever the cash balance standing to the credit of the said account is, in the opinion of the official assignee, in excess of the amount which is required for the time being to meet demands in respect of insolvents' estates or to make the payment required under section 122 or any other payments that may be prescribed, the official assignee shall transfer such excess to the account and credit of the [State] Government with the Reserve Bank of India.
  6. (3) The provisions of sub-sections
  7. (1) and
  8. (2) shall apply to all moneys in the hands of the official assignee at the commencement of the Presidency-towns Insolvency (Tamil Nadu Amendment) Act.
  9. (4) All investments of moneys made before such commencement by the official assignee or on his behalf by the Registrar of the High Court, other than investments exclusively appertaining to the estates of insolvents, shall be transferred to the Government in such manner as may be prescribed.
  10. (5) The revenues of the [State] shall be liable to meet all claims-
    • (a) upon any moneys transferred to the account and credit of the [State] Government under sub-section
  11. (2) or under sub-section
  12. (3) read with sub-section
  13. (2) ; and
    • (b) upon any investments transferred to the [State] Government under sub-section (4)." 15. Amendment of section 112 In sub-section
  14. (2) of section 112 of the said Act-
    • (i) clause
    • (b) shall be omitted ;
      • (ii) in clause (j), after the word "audit", the words " and inspection " shall be inserted ;
      • (iii) clause
    • (g) shall be omitted ;
      • (iv) in clause (h), the words " out of the proceeds aforesaid " shall be omitted ;
      • (v) in clause (i), after the words " direction of the Court," the words " or otherwise in his official capacity " shall be added ;
      • (vi) the last paragraph beginning with the words " and in the case of the High Court at Madras " and ending with the words " expenses of his establishment " shall be omitted. 16. [NO TITLE] Section 125 of the said Act shall be renumbered as sub-section
  15. (1) of that section and after the section as so renumbered, the following sub-section shall be added, namely :- ''
  16. (2) The official assignee shall transfer to the account and credit of the [State] Government, in such manner and at such times as may be prescribed in this-
    • (a) all fees and percentages received by him under this Act after the commencement of the Presidency-towns Insolvency (Tamil Nadu Amendment) Act, 1943, and
    • (b) all fees, percentages, commission and other remuneration received by him after such commencement either as a trustee under a composition or scheme or as an agent of another official assignee or an official receiver." 17. Power to make rules The [State] Government may make rules consistent with this Act to provide for any matter for which provision is, in their opinion, necessary or convenient for the purpose of giving effect to the provisions of this Act.

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