Tuesday, 28 July 2026

Law on Tips(LOTS)

India's Premier Legal News

⌘K

Home
The Bar Room
The Gazette
The Library
Legal League
Columns
Interviews

⚖

Loading…

Law on Tips.

India's most authoritative legal news platform. Bringing you the latest judgments, legislative updates, and in-depth legal analysis from the Supreme Court, High Courts, and Tribunals.

© 2026 Law on Tips Media Pvt Ltd.

Explore

The Bar Room
The Gazette
The Library
Compare Acts
Legal League
Columns

Trust & Standards

About Us
Editorial Policy
Fact-Checking
Corrections
Methodology
Ownership
Masthead
Privacy Policy
Terms of Use
Contact

Subscribe

Get the latest legal news delivered to your inbox daily.

Bar News Acts League

The Provincial Insolvency Act, 1920

Act ID: 1920

The Provincial Insolvency Act, 1920

"An Act to amend and consolidate the law relating to insolvency outside the Presidency Towns. Largely superseded by IBC, 2016."

Table of Contents

83 Sections

Ch. I

– Constitution And Powers Of Court

S.1Short title, extent and commencement S.2Definitions S.3Insolvency jurisdiction S.4Power of Court to decide all questions arising in insolvency S.5General powers of Courts

Ch. II

– Proceedings From Act Of Insolvency To Discharge

S.6Acts of insolvency S.7Petition and adjudication S.8Exemption of corporation, etc., from insolvency proceedings S.9Conditions on which creditor may petition S.10Conditions on which debtor may petition S.11Court to which petition shall be presented S.12Verification of petition S.13Contents of petition S.14Withdrawal of petitions S.15Consolidation of petitions S.16Power to change carriage of proceedings S.17Continuance of proceedings on death of debtor S.18Procedure for admission of petition S.19Procedure on admission of petition S.20Appointment of interim receiver S.21Interim proceedings against debtor S.22Duties of debtors S.23Release of debtor S.24Procedure at hearing S.25Dismissal of petition S.26Award of compensation S.27Order of adjudication S.28Effect of an order of adjudication S.29Stay of pending proceeding S.30Publication of order of adjudication S.31Protection order S.32Power to arrest after adjudication S.33Schedule of creditors S.34Debts provable under the Act S.35Power to annul adjudication of insolvency S.36Power to cancel one of concurrent orders of adjudication S.37Proceedings on annulment S.38Compositions and schemes of arrangement S.39Order on approval S.40Power to re-adjudge debtor insolvent S.41Discharge S.42Cases in which Court must refuse an absolute discharge S.43Adjudication to be annulled on failure to apply for discharge S.44Effect of order of discharge

Ch. III

– Administration Of Property

S.45Debt payable at a future time S.46Mutual dealings and set-off S.47Secured creditors S.48Interest S.49Mode of proof S.50Disallowance and reduction of entries in schedule S.51Restriction of rights of creditor under execution S.52Duties of Court executing decree as to property taken in execution S.53Avoidance of voluntary transfer S.54Avoidance of preference in certain cases S.55Protection of bona fide transactions S.56Appointment of receiver S.57Power to appoint Official Receivers S.58Powers of Court if no receiver appointed S.59Duties and powers of receiver S.60Special provisions in regard to immovable property S.61Priority of debts S.62Calculation of dividends S.63Right of creditor who has not proved debt before declaration of a dividend S.64Final dividend S.65No suit for dividend S.66Management by and allowance to insolvent S.67Right of insolvent to surplus S.68Appeal to Court against receiver

Ch. IV

– Penalties

S.69Offences by debtors S.70[ Procedure on charge under section 69 [Substituted by Act 9 of 1926, Section 11 as amended by Act 10 of 1927, Section 3 and Sch.II, for the original section.]S.71Criminal liability after discharge or composition S.72Undischarged insolvent obtaining credit S.73Disqualifications of insolvent

Ch. V

– Summary Administration

S.74Summary administration

Ch. VI

– Appeals

Ch. VII

– Miscellaneous

S.76Costs S.77Courts to be auxiliary to each other S.78Limitation S.79Power to make rules S.80Delegation of powers to Official Receivers S.81Power of State Government to bar application of certain provisions to certain Courts S.82Savings .Nothing n this Act shall S.83Repeals