Section 39 of the Provincial Insolvency Act, 1920 – Order on approval

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Section 39: Order on approval

If the Court approves the proposal, the terms shall be embodied in an order of the Court, and the order of adjudication shall be annulled, and the provisions of section 37 shall apply, and the composition or scheme shall be binding on all the creditors so far as relates to any debt due to them from the debtor and provable under this Act.

Source: official text of The Provincial Insolvency Act, 1920 as published on India Code (PDF). All sections of the Provincial Insolvency Act, 1920.

Related posts:

  1. Section 6 of the Provincial Insolvency Act, 1920 – Acts of insolvency
  2. Section 38 of the Provincial Insolvency Act, 1920 – Compositions and schemes of arrangement
  3. Section 28 of the Provincial Insolvency Act, 1920 – Effect of an order of adjudication
  4. Section 43 of the Provincial Insolvency Act, 1920 – Adjudication to be annulled on failure to apply for discharge