Section 12(1) in Presidency-Towns Insolvency Act, 1909
(1)A creditor shall not be entitled to present an insolvency petition against a debtor unless--(a)the debt owing by the debtor to the creditor, or, if two or more creditors join in the petition, the aggregate amount of debts owing to such creditors, amounts to five hundred rupees, and(b)the debt is a liquidated sum payable either immediately or at some certain future time, and(c)the act of insolvency on which the petition is grounded has occurred within three months before the presentation of the petition:
