Powers of Tribunal to effect settlement and to decide disputes as to existence or amount of debt or assets.

Finance197531 sections5 chapters

Chapter IV PROCEDURE FOR SETTLEMENT OF DEBTS

Statutory text

(1) The Tribunal shall fix the date for hearing of the application under Section 6 on the date so fixed, shall call upon the applicant and all his creditors or debtors, as the case may be, to explain their respective cases regarding each debt and shall use its best endeavour to induce them to arrive at an amicable settlement, and if such settlement is arrived at, the Tribunal may pass orders in terms of such settlement.
(2) If there is a dispute as to the existence or the amount of the debt, the Tribunal may decide the dispute and determine its amount after taking such evidence as it considers necessary : Provided that a decree of Civil Court relating to a debt shall be conclusive evidence as to the existence and amount of debt.

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