Amendment status not verified — confirm the current text below against the official source.
On receipt of an application for settlement of debts, the Board shall- (a) give notice to the debtor (unless the debtor is himself an applicant) and to every creditor (other than the creditor who is himself an applicant) whose name and address are given in the application, and (b) publish a general notice, requiring the debtor and all creditors to submit a statement in the prescribed form within one month from the date of the service of the notice or the publication of the general notice, whichever is later: Provided that if the Board is satisfied that the debtor or any other creditor is for good and sufficient cause unable to comply with the notice within the time specified therein it may extend the period for the submission of the statement. Application under section 11 or 15 to be made only in respect of debtor whose debts are not less than Rs.5,000. Withdrawal of applications. Consolidations of applications. Service of notice on debtors and creditors to submit statements of debts. [Act No. XII of 1952] 13