55. Initial deposits by debtor to cover costs. This deposit shall cover postal charges but not process fees.
- A person applying to be adjudicated an insolvent shall deposit a fee of at least Rs. 20 or such further sums, if any, as the Court may, from time to time, direct to cover the cost of the issue of the prescribed notices, of their publication in the Official Gazette and of all other proceedings under the Act, down to and including the making of an order of adjudication. Each such deposit shall be treated as Revenue Deposit and entered in the Register of Receipts prescribed in Chapter 8-E of this Volume.Process fee shall be paid in court fee stamps. - Note No. 1. - This deposit does not cover process fees, which shall be realized as usual, in Court fee stamps according to the rules.Initial deposit to cover all costs up to order of adjudication. - Note No. 2. - This deposit is meant not only for paying the expenses of publication of certain notices in the official gazette, but also to cover the postage costs of issue of the prescribed notices and all other proceedings under the Act down to and including the making of the order adjudication.Disposal of balance of initial deposit. - Note No. 3. - The amount of undisbursed balance of these deposits should be transferred to the insolvent's assets after adjudication. Except as otherwise provided for, all expenses incurred after the order of adjudication can be met out of these assets.
