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The Presidency-Towns Insolvency Act, 1909
Section 49

The Presidency-Towns Insolvency Act, 1909

Section 49Priority of debts

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Section 49: Priority of debts

Contents

Preamble
31Power to re
32Limitation of effect of composition or scheme. Control over person and property of insolvent
33Duties of insolvent as to discovery and realization of property
34Arrest of insolvent
35Redirection of letters
36Discovery of Insolvents property
37Power to issue commissions. Discharge of insolvent
38Discharge of insolvent
39Cases in which the Court must refuse an absolute discharge
40Hearing of application for discharge
41Power to annul adjudication on failure to apply for discharge
42Renewal of application and variation of terms of order
43Duty of discharged insolvent to assist in realization of property
44Fraudulent settlements
45Effect of order of discharge
46Debts provable in insolvency
47Mutual dealings and set
48Rules to proof of debts
49Priority of debts
50Rent due before adjudication. Property available for payment of debts
51Relation of assignees title
52Description of insolvents property divisible amongst creditors. Effect of insolvency on antecedent transactions
53Restriction of rights of creditor under execution
54Avoidance of voluntary transfer
55Duties of Court executing decree as to property taken in execution
56Avoidance of preference in certain cases
57Protection of bona fide transactions. Realization of property SECTIONS
58Possession of property by official assignee
59Seizure of property of insolvent
60Appropriation of portion of pay or other income to creditors
61Vesting and transfer of property
62Disclaimer of onerous property
63Disclaimer of leaseholds
64Power to call on official assignee to disclaim
65Power for Court to rescind contract
66Power for Court to make vesting order in respect of disclaimed property
67Persons injured by disclaimer may prove
68Duty and powers of official assignee as to realization. Distribution of property
69Declaration and distribution of dividends
70Joint and separate properties
71Calculation of dividends
72Right of creditor who has not proved debt before declaration of a dividend
73Final dividend
74No suit for dividend
75Power to allow insolvent to manage property, and allowance to insolvent for maintenance or service
76Right of insolvent so surplus
77Appointment and removal of official assignees of insolvents estate
78Power to administer oath
79Duties as regards the insolvents conduct
80Duty to furnish list of creditors
81Remuneration
82Misfeasance
83Name under which to sue or be sued
84Office vacated by insolvency
85Discretionary powers and control thereof
86Appeal to Court
87Control of Court
88Committee of inspection
89Control of committee of inspection over official assignee
90Power of the Court
91Consolidation of petitions
92Power to change carriage of petition
93Continuance of proceedings on death of debtor
94Power to stay proceedings. SECTIONS
95Power to present petition against a partner
96Power to dismiss petition against some respondents only
97Separate insolvency petitions against partners
98Suits by official assignee and insolvents partners
99Proceedings in partnership name
100Warrants of Insolvency Courts
101Limitation of appeals
101AExclusion of time in computation of period of limitation in certain cases
102Undischarged insolvent obtaining credit
103Punishment of insolvent for certain offences
103ADisqualifications of insolvent
104Procedure on charge under section 103
105Criminal liability after discharge or composition
106Summary administration in small cases
107Exemption of corporation, etc., from insolvency proceedings
108Administration in insolvency of estate of person dying insolvent
109Vesting of estate and mode of administration
110Payments or transfer by legal representatives
111Saving of jurisdiction of Administrator
112Rules
113Sanction to rules
114Publication of Rules
115Exemption from duty of transfers, etc., under this Act
116The Gazette to be evidence
117Swearing of affidavits
118Formal defect not to invalidate proceedings
119Formal defect not to invalidate proceedings
120Certain provisions to bind the Government
121Certain provisions to bind the Government
122Lapse and credit to Government of unclaimed dividends
123Claims to monies credited to Government under section 122
124Access to insolvents book
125Fees and percentages
126Courts to be auxiliary to each other
127Saving
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49. Priority of debts

Previous section 48. Rules to proof of debts Next section 50. Rent due before adjudication. Property available for payment of debts

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Not an official publication. This text has no legal authority and is not legal advice. Check the Gazette of India before relying on any provision.

Last updated 30 October 2026

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