(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
type of claim, if any, over the assets of the person whose assets is
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
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.