(1) A person who files a petition
pursuant to Section 55 for commencing the bankruptcy proceedings
of his or her assets shall submit an exact inventory of his or her
total assets.
(2) In submitting an inventory pursuant to sub-section (1),
if he or she hides or conceals such assets with mala fide intention of
causing loss or damage to the creditor, a separate lawsuit may be
instituted against him or her.
(3) If assets are hidden or concealed pursuant to subsection
(1), and such assets are discovered before the completion of
the bankruptcy proceedings, the proceedings referred to in subsection
(2) of Section 61 shall be carried out in respect of the
creditor and the claimant having so discovered the assets and the
other creditor and claimant as well.
(4) If any creditor or claimant discovers any assets
pursuant to sub-section (3) after the completion of the bankruptcy
proceedings, ten percent amount of the assets so discovered shall be
provided to the creditor or claimant who has so discovered the
assets if such creditor or claimant has already satisfied the sum
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according to his or her claim at the time of bankruptcy proceedings,
and if his or her claim has not been so satisfied, his or her sum shall
be caused to be satisfied from such assets and the remaining assets
shall be distributed pursuant to the said sub-section to the other
creditors and claimants.
Provided that if the creditor or claimant is the successor or
relative of the bankrupt person, he or she shall not be entitled to
such facility.
(5) If the assets hidden or concealed pursuant to subsection
(2) remain after payment to the creditor or claimant
pursuant to sub-section (4), such assets shall be returned to the
concerned person.