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The Provincial Insolvency Act, 1920
Section 61

The Provincial Insolvency Act, 1920

Section 61Priority of debts

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Section 61: Priority of debts

Contents

Preamble
40Power to re
41Discharge
42Cases in which Court must refuse an absolute discharge
43Adjudication to be annulled on failure to apply for discharge
44Effect of order of discharge
45Debt payable at a future time
46Mutual dealings and setoff
47Secured creditors
48Interest
49Mode of proof
50Disallowance and reduction of entries in schedule. Effect of insolvency on antecedent transactions
51Restriction of rights of creditor under execution
52Duties of Court executing decree as to property taken in execution
53Avoidance of voluntary transfer
54Avoidance of preference in certain cases
54ABy whom petitions for annulment may be made
55Protection of bona fide transactions. Realisation of property
56Appointment of Receiver
57Power to appoint Official Receivers
58Powers of Court if no receiver appointed
59Duties and powers of receiver
59APower to require information regarding insolvent's property
60Special provisions in regard to immovable property. Distribution of property SECTIONS
61Priority of debts
62Calculation of dividends
63Right of creditor who has not proved debt before declaration of a dividend
64Final dividend
65No suit for dividend
66Management by and allowance to insolvent
67Right of insolvent to surplus
67ACommittee of inspection
68Appeal to Court against receiver
69Offences by debtors
70Procedure on charge under section 69
71Criminal liability after discharge or composition
72Undischarged insolvent obtaining credit
73Disqualifications of insolvent
74Summary administration
75Appeals
76Costs
77Courts to be auxiliary to each other
78Limitation
79Power to make rules Power to make rules
80Delegation of powers to Official Receivers
81Power of State Government to bar application of certain provisions to certain Courts
82Savings
83Repeals
Schedules
Schedule
Schedule
Schedule
Schedule
Commentary
Background and purpose
What it covers
Legislative history
Structure
Related laws
Sources

61. Priority of debts

Previous section 60. Special provisions in regard to immovable property. Distribution of property SECTIONS Next section 62. Calculation of dividends

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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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