Section 50(2) in The Provincial Insolvency Act, 1920
(2)The Court may also, after like inquiry, expunge an entry or reduce the amount of a debt upon the application of a creditor where no receiver has been appointed, or where the receiver declines to interfere in the matter or, in the case of a composition or scheme, upon the application of the debtor.Effect of insolvency on antecedent transactions
