Section 12 in Presidency-Towns Insolvency Act, 1909
12. Conditions on which creditor may petition.-
(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:
