The person who is going to be in Damasahi himself or if the debt is public, at least twenty-five percent or more of the debt claim and if the debt is not public, the creditor or the group of creditors with a debt claim of more than five lakh rupees can apply to the court to initiate Damasahi proceedings.
(2) According to sub-section (1), when a person who is about to be engaged in marriage for marriage makes an application, the following details must be disclosed in the application:-
(a) The exact details of his total assets and their value, (b) The details of the total loan amount taken by him, the details of the interest on it and the address of the creditor or creditors giving such loans, (c) Details of any other obligations that he has to repay, ( d) Reasons for not being able to repay or fulfill debts and other obligations.
(3) According to sub-section (1), when a creditor or a group of creditors submits an application for Damasahi, the following details shall be disclosed in the application:-
(a) Evidence that his debtor is about to fall into debt,
(b) particulars of his property to the best of his knowledge and the estimated value thereof,
(c) details of his claim and other creditors' debts or claims, if known,
(d) details including address of creditors.
(4) Before making an application to initiate Damasahi proceedings according to sub-section (1), the creditor or a group of creditors must give notice to the debtor to pay his debt or other obligations within a period of at least three months and if he does not pay within such period, to apply to the court to initiate Damasahi proceedings. will fall