Provincial Insolvency Act, 1920

From: 1920-02-25 - To: 0000-00-00 An Act to consolidate and amend the Law relating to Insolvency [2][* * *], as administered by Courts having jurisdiction [3][in the Punjab]. WHEREAS it is expedient to consolidate and amend the law relating to insolvency [4][* * *], as administered by Courts having jurisdiction [5][in the Punjab]; it is hereby enacted as follows:- 1. Short title and extent.– (1) This Act may be called the Provincial Insolvency Act, 1920. [6][(2) It extends to the whole of the Punjab.] 2. Definitions.– (1) In this Act, unless there is anything repugnant in the subject or context,– (a) “creditor” includes a decree-holder, “debt” includes a judgment-debt, and “debtor” includes a judgment debtor; [7][(b) “District Court” means the principal Civil Court of original jurisdiction in any area;] [8][(bb) “Government” means Government of the Punjab;] (c) “prescribed” means prescribed by rules made under this Act; (d) “property” includes any property over which or the profits of which any person has a disposing power which he may exercise for his own benefit; (e) “secured creditor” means a person holding a mortgage, charge or lien on the property of the debtor or any part thereof as a security for a debt due to him from the debtor; and (f) “transfer of property” includes a transfer of any interest in property and the creation of any charge upon property. (2) Words and expressions used in this Act and defined in the Code of Civil Procedure, 1908, and not hereinbefore defined shall have the same meanings as those respectively attributed to them by the said Code. PART I CONSTITUTION AND POWERS OF COURT 3. Insolvency Jurisdiction.– (1) The District Courts shall be the Courts having jurisdiction under this Act: Provided that the [9][Government] may, by notification in the [10][official Gazette], invest any Court subordinate to a District Court with jurisdiction in any class of cases, and any Court so invested shall within the local limits of its jurisdiction have concurrent jurisdiction with the District Court under this Act. (2) For the purposes of this Act, a Court of Small Causes shall be deemed to be subordinate to the District Court. 4. Power of Court to…