Section 57: Notice to be given to borrower

1) If a petition is filed by a creditor or group of creditors pursuant to Section 55 to initiate the bankruptcy proceedings of the assets of the borrower, the court shall serve a notice, along with a time-limit of thirty-five days, on the borrower to appear before the court, along with a reply whether or not the bankruptcy proceedings require to be instituted, and if there exists any ground for not instituting the bankruptcy proceedings, and evidence thereof.

2) If a notice is served on the borrower pursuant to sub-section (1), a notice shall be given to the other creditor or claimant to submit a claim in that respect within a period of thirty-five days and such a notice shall be published in any national daily newspaper.

3) The claim of a person who fails to submit a claim within the period referred to in sub-section (2) shall not be valid after that period.

4) The fee to be incurred in publishing a notice in a national daily newspaper pursuant to sub-section (2) or sub-section (1) of Section 56 shall be recovered from the concerned petitioner.

5) The fee recovered pursuant to sub-section (4) may be awarded to be paid by the debtor in the course of bankruptcy.