No application shall lie under section 4 for adjustment of any debt due from a debtor to whom such debt has been transferred or assigned after the 1st January 1938 by any person who is not himself a debtor.
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More sections of this act
Section 1 · Short title and extent.Section 2 · Definitions.Section 3 · Savings.Section 4 · Application for adjustment of debts.Section 5 · Every creditor and debtor to file a true and correct statement before Court.Section 6 · Application by debtor jointly and severally liable.Section 8 · Application for recording settlement.Section 9 · Settlement during pendency of proceedings before Court.India Code, Government of India. Text fetched 17 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.