(1) Any agriculturist who is unable to pay the debts payable by him may make an application to the court within whose jurisdiction he resides or ordinarily carries on business for a full settlement of such debts.
(2) Every application under sub-section (1) shall be in writing and shall be signed by the applicant and verified in the manner prescribed by the Code of Civil Procedure, 1908, for signing and verifying plaints.
(3) An application under sub-section (1) shall contain the following particulars, namely:—
(a) the place where the applicant resides and the place or places where he holds any property, movable or immovable;
(b) the amount and other particulars of all claims against him on the date of the application;
(c) the names and addresses of his creditors;
(d) the particulars of all his property, including claims due to him together with a specification of the value of such property and the place or places at which any such property is to be found and the details of any mortgage, lien or charges thereon;
(e) a statement that the unconditionally leaves all his assets in the control of the court;
(f) a statement that he wants a fair settlement of his debts;
(g) such other particulars, if any, as may be prescribed by rules made under this Act.
(4) On receipt of an application under sub-section (1), the court shall pass an order fixing a date for hearing the application, and issue notice thereon to the creditors and all other persons interested, by registered post with acknowledgement due or in such other manner as prescribed.
(5) During the pendency of an application under this section, the court may stay the trial of any suit or the execution of any decree against the applicant or his properties.
(6) The court shall determine the admissibility and the amount of each claim against the applicant or his properties and shall for such purpose take all steps necessary for the determination of any question raised in the case.
(7) The procedure prescribed in the Insolvency Act, 1955, shall mutatis mutandis be applicable to the proceedings under this section.
(8) "Court" for the purposes of this section shall be the court of a Munsiff.