Section 56: Notice to be given to creditor

1) If a petition is filed by a borrower pursuant to Section 55 to initiate bankruptcy proceedings, the court shall issue a notice of thirty-five days and serve the same on the creditor or group of creditors whose debts the borrower has specified as due and payable and publish the notice in any national daily newspaper.

2) The notice to be published pursuant to sub-section (1) shall also contain a statement inviting any other person having any claim, if any, over the assets of the person whose assets are under bankruptcy proceedings to make a claim with evidence within the time limit as specified in the same sub-section.

3) The claim made within the time-limit referred to in sub-section (1) or (2) by the creditor or group of creditors or by any other person shall be considered to be the final claim made against the assets of the borrower, and the bankruptcy proceedings of his or her assets shall commence on the same basis.