Distribution of the effects of a debtor in the most expeditious, equal and economical mode and liberation of his person from the demands of his creditors when he has made a full surrender of his property could be the chief object of Bankruptcy law in all countries. India is no exception. The Presidency Towns Insolvency Act, 1909 has jurisdiction of insolvency over the High Courts at Mumbai, Madras and Calcutta.

The Presidency Towns Insolvency Act, 1909 exhaustively lays down as to what are the acts of insolvency, the powers of Courts to adjudicate a person as insolvent, restriction on the jurisdiction of the Court annulment of ajudication proceedings, consequences of an order of adjudication, submissions of proposal for composition in satisfaction of debts or for scheme of arrangement of the affairs of the insolvent, conditions in which composition and schemes of arrangement are approved by the Court, control over the person and property of insolvent, discharge of insolvent, administration and distribution of the property of the insolvent, Properties which would be available for payment of debts, realisation of the insolvent property, appointments, duties, powers and functions of Official Assignee and other insolvency related procedural matters.

Akin to that of the Presidency Towns Insolvency Act, 1909 is the Provincial Insolvency Act, 1920 providing for the law relating to insolvency in places other than the aforesaid three presidency towns.

For Limited Companies, Part VII consisting of Sections 425 to 560 of the Companies Act, 1956 makes provisions. It provides of the modes of winding up, cases in which the company may be wound up by the Court, consequences of winding up order appointment, poweres, duties and functions of the Official Liquidators, committee of inspection, voluntary winding up of a company, a members winding up, a creditors winding up, winding up subject to the supervision of the Court, effect on winding up of antecedent and other transactions, etc.

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