Displaced Persons (Debts Adjustment) Act : Displaced debtor not to be deemed insolvent. Indian Bare

Displaced Persons (Debts Adjustment) Act,1951

Act No : 70

Section : Displaced debtor not to be deemed insolvent.

50. Displaced debtor not to be deemed insolvent. Notwithstanding anything contained in any law for the time being in force relating to insolvency, no displace debtor shall be deemed to be insolvent or to have been adjudicated as such within the meaning of any law for the time being in force relating to insolvency by reason only of his applying to get his debts adjusted under this Act, and no petition in insolvency shall lie against a displaced debtor in respect of any debt incurred by him before the 15th day of August, 1947.