Amendment status not verified — confirm the current text below against the official source.
Certain debts and liabilities not to be affected.- Nothing in this Act shall apply to the following categories of debts and liabilities of a debtor, namely:- (a) any rent due in respect of any property including agricultural land let out to such debtor; (b) any amount recoverable as arrears of land revenue; (c) any revenue, tax or cess payable to the Central Government or the State Government or a local Authority under a decree of a Court or otherwise; (d) any liability out of breach of trust or any tortuous liability; (e) any liability in respect of wages, or remuneration due as salary or otherwise for services rendered; (f) any liability in respect of maintenance whether under a decree of a court or otherwise; (g) a debt due to,- (i) the Central Government or any State Government; (ii) any local authority; (iii) a credit agency as defined in the Karnataka Agricultural Credit Operations Miscellaneous Provisions Act, 1974 (Karnataka Act 2 of 1975); (iv) a Government company within the meaning of the Companies Act, 2013 (Central Act 18 of 2013); (v) the Life Insurance Corporation of India; (vi) a Co-operative society registered under the Karnataka Co-operative Societies Act, 1959(Karnataka Act 11 of 1959); (vii) non banking financial institutions governed by the Reserve Bank of India Act, 1934 (Central Act 02 of 1934) and Microfinance institutions registered under the Karnataka Societies Registration Act, 1960 (Karnataka Act 17 of 1960), Trusts, Companies registered under section 8 of the Companies Act, 2013(Central Act 18 of 2013).; (viii) a banking company, a corresponding new bank, the State Bank of India, a regional rural bank, a co-operative bank or a multi State co-operative bank as defined in the Banking Regulation Act, 1949 (Central Act 10 of 1949); and 8 (ix) any other institution which the State Government may by notification, specify for the purposes of this clause. (h) any amount due by such debtor under a hire purchase agreement; (i) any debt which represents the price of property; whether movable or immovable purchased by such debtor; (j) any amount due by such debtor under a partition to another sharer; (k) any amount received by a debtor as advance for the delivery of goods at a future date; (l) any liability incurred or arising under any chit the bye-laws of which have been registered; and (m) any sum decreed as costs by any Court.