(1) The status of a
bankrupt person falling under bankruptcy shall remain for a period
of twelve years from the date on which he or she became a
bankrupt.
(2) Notwithstanding anything contained in sub-section (1),
if a bankrupt person pays all liabilities payable to the creditors at
the time of bankruptcy, he or she may file a petition in the court to
terminate the status of bankruptcy along with the evidence thereof.
(3) The court shall make an order to summon the presence
of all creditors who were either partially paid or unpaid at the time
of bankruptcy of such a person within a period of fifteen days,
excluding the time required for journey, to have a hearing on the
petition filed pursuant to sub-section (2).
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(4) If, in hearing the petition filed pursuant to sub-section
(2), it appears that the bankrupt person has satisfied all the debts
and liabilities remained unpaid at the time of bankruptcy, the court
may annul the order made at the time of his or her bankruptcy.
(5) If an order is annulled pursuant to sub-section (4), the
status of the bankrupt person shall be deemed have been terminated
after one year from the date of the annulment of such an order.