Displaced Persons (Debts Adjustment) Act : Objection by creditor to schedule of assets. Indian Bare

Displaced Persons (Debts Adjustment) Act,1951

Act No : 70

Section : Objection by creditor to schedule of assets.

12. Objection by creditor to schedule of assets. (1) Any creditor of a displaced debtor may make an application to the Tribunal stating that the displaced debtor, who has made an application under section 5 or sub-section (2) of section 11, has concealed any part of his assets, and the Tribunal shall, after giving due notice thereof to the displaced debtor, determine the matter. (2) If the Tribunal finds that the displaced debtor has wilfully and fraudulently omitted to include such assets in his application, the Tribunal may dismiss the application or refuse to allow to the displaced debtor any of the reliefs under this Act to which he would otherwise have been entitled or pass such other order in relation thereto as it thinks fit.