Adjudication order-adjudication of debtor, Financial Accounting

Adjudication order

The court may adjudge the debtor bankrupt on the application of the O.R. or any creditor in the following cases:

If the creditors so resolve at their first meeting, or pass no resolution, or do not meet at all;

  1. If a composition or scheme is not approved within 14 days after the conclusion of the public examination, or such further time as the court may allow;
  2. If the debtor applies to be made bankrupt;
  3. If there is no quorum at the first meeting of the creditors;
  4. If the debtor has absconded or does not intend to propose a composition or scheme;
  5. If the public examination is adjourned sine die;
  6. If the debtor fails without reasonable cause to submit his statement of affairs;
  7. If a composition or scheme is annulled by the court.
Posted Date: 12/12/2012 6:32:19 AM | Location : United States

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