(1) A debtor or any of his creditors may make an application to the Board within such time as may be prescribed to effect a settlement between the debtor and his creditors.
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(2) Every application made under sub-section (1) shall be in the prescribed form and shall be signed by the applicant and verified in the prescribed manner.
(3) Every application presented by a debtor to the Board shall contain the following particulars, namely:—
(a) the place where he resides or holds land;
(b) the particulars of all claims against him together with names and residences of his creditors;
(c) the particulars of all his property, together with specification of the value of such property and the place or places at which any such property is to be found;
(d) the particulars of his family income;
(e) a statement whether he has previously filed an application in respect of the same debt before the Board and, if so, with what result.
(4) Every application presented by a creditor shall contain the following particulars, namely:
—
(a) the place where the debtor resides or holds land;
(b) the amount and particulars of his claim against such debtor;
(c) a statement containing the particulars of property if any, pledged or mortgaged with him by a debtor, the specification of its value and the place or places where the property is to be found.