Every creditor and debtor to file a true and correct statement before Board.

(1) Notwithstanding the fact that no application has been filed under section 11-

(a) every creditor, on being required to do so by notice in writing by any of his debtors, shall, within one month from the date of the receipt of such notice, file before the Board concerned a true and correct statement of all his claims against such debtor, and shall at the same time send a copy thereof to such debtor, and

(b) every debtor, on being required to do so by notice in writing by any of his creditors, shall, within one month from the date of the receipt of such notice, file before the Board a true and correct statement-

(i) of all the debts owed by such debtor; and

(ii) of his income in the year preceding the date of the notice;

the debtor shall at the same time send a copy of such statement to such creditor:

Provided that the Board may, for sufficient cause, extend, from time to time, the period within which the creditor or the debtor, as the case may be, may file such statement.

(2) Every debtor or creditor giving a notice under sub-section (1) shall at the same time send a copy thereof to the Board concerned.

(3) In awarding the costs of any proceedings in respect of any application made under section 11 the Board may, on being satisfied that the statement required to be filed under sub-scction (1) was, without sufficient cause, not filed within the time specified therein or within the extended period under the proviso to that sub-section or incorrectly filed, direct the party in default to bear the whole or any portion of the costs of such proceeding.