Debts in respect of which no application for settlement is made to be void.

Every debt due from debtor in respect of which no application has been made under Section 6 within the time prescribed under the said Section 6 or in respect of which no application for recording a settlement is made under Section 8 within the period specified in the said Section 8 and every debt due from such debtor in respect of which a statement is not submitted to the Tribunal by the creditor in compliance with the provisions of Section 11, shall be extinguished.