(1) In accordance with section 55, if a creditor or a group of creditors submits an application to initiate proceedings related to the equity of the debtor, the court shall issue a notice to the debtor with a deadline of thirty-five days to appear in the court along with evidence as to whether or not the court should take action related to the equity of the debtor and if there is any reason for not doing so. will fall.
(2) In accordance with sub-section (1) of giving notice to the debtor, the other creditor or claimant shall be notified and published in any daily newspaper of the national level, giving a notice to the other creditor or claimant to submit a claim within thirty-five days.
(3) The claim of the person who does not submit the claim within the period as per sub-section (2) shall not be valid after such period.
(4) In accordance with sub-section (2) or in accordance with sub-section (1) of section 56, the fee charged for publishing the notice in the national level daily newspaper shall be recovered from the concerned applicant.
(5) The debt collected in accordance with sub-section (4) can be paid by the debtor in the course of Damasahi.