Section 12 in Tamil Nadu Debt Conciliation Act, 1936
12. Power of board to decide dispute as to the existence or amount of debts or assets.
(1)The board shall call upon the debtor and each creditor respectively to explain his case regarding each debt.(2)If there is a dispute as to the existence or the amount of the debt due to any creditor or the assets of any debtor, the board may decide the matter after taking such evidence as may be adduced by all the parties concerned and such decision shall be binding on all parties in all proceedings before the board:Provided that a decree of a Civil Court relating to a debt shall be conclusive evidence as to the existence and amount of the debt.(3)The board shall prepare a complete schedule of the creditors and of the assets and liabilities of the debtor.
