(1) If the
court has made an order to commence the bankruptcy proceedings
pursuant to sub-section (1) of Section 58, the Local Level, trustee or
person, as the case may be entrusted with responsibility to manage
property pursuant to sub-section (3) of the same Section shall, after
the assets, debts and other liabilities of the borrower are
ascertained, call a meeting of the debtors, creditors or other
claimants.
(2) In the meeting called pursuant to sub-section (1), the
creditor or claimant shall be provided with a reasonable opportunity
to waive his or her claim wholly or partly from all or any of the
assets of the borrower or to reconcile sum by taking amount lesser
than his or her claim, by mutual understanding between the person
likely to become bankrupt and the creditor or other claimant.
(3) In making reconciliation of sum pursuant to subsection
(2), an arrangement may be so made that a creditor pays the
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debt or claim of some or most creditors and submits a lump sum
claim against such a person.
(4) If the parties reach mutual understanding pursuant to
sub-section (2) or (3) or the concerned parties agree, for any
reasons, to stay the bankruptcy proceedings for the time being, a
joint petition may be filed in the court accordingly.
(5) If a petition is filed for staying the bankruptcy
proceedings pursuant to sub-section (4), the court shall make an
order to stay as requested the bankruptcy proceedings for a period
not exceeding the period set forth in clause (b) of sub-section (2) of
Section 54.
(6) If an order is made pursuant to sub-section (5), the
bankruptcy proceedings in respect of the assets of such a person
cannot be instituted until the expiry of that period.