60. Amount of dividend declared to be drawn on contingent bill and to be disbursed in cash or by post. - (i) The amount declared to be paid as dividend shall be drawn on a contingent bill in Form 11. Details of names and the amounts payable to each person shall be shown before the bill is presented to the Court for order of payment. The requisite particulars shall at the same time be posted in the Dividend Register to be kept in Form 19.
(ii)After the order of payment has been made, the Official Receiver shall forthwith issue notice to all creditors calling upon them to appear within twenty days of the despatch of the notice to take payment in cash, failing which the money due will be remitted by post at their expense and risk.(iii)On the expiry of the period allowed by the notice, the Official Receiver shall remit by money order, at their own risk and expense, the dividend due to all creditors who have not taken payment in cash. If the amount is too large to be remitted by a single money order, it should be spread over the requisite number of money orders. The Insolvency Judge shall cancel any cheques in favour of persons who have not taken payment in cash.(iv)Notwithstanding any of the foregoing provisions, the Official Receiver may remit by post without previous notice and at the risk and expense of the creditor the dividend due to any creditor who has consented in writing to this being done.Note. - Small payments of sums less than Rs. 10/- may be made in cash out of the permanent advance granted to the Official Receiver under Rule 19.
