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State of Punjab - Section

Section 59 in The Punjab Insolvency Rules

59. Refund of assets when no debts are proved. - Realized assets of an insolvent none of whose creditors has proved his debt should, on his absolute discharge or the annulment of the insolvency proceedings, be refunded to him in the following manner :-

The Court should issue a notice in such cases to the insolvent or his heirs, as the case may be, calling upon him or them to appear within a certain period, to be fixed by the court from the date of the despatch of the notice, to obtain the refund, failing which such assets should be transferred to the deposit account in the manner prescribed in Rule 49 of this Chapter and ultimately lapsed to Government.