~~) A cr~di~ tor shall not be entitled to present an insolvency petition agamst a debtor unless-
(a) the debt owmg by the debtor to the creditor, or if two or more creditors join in the petltion, the aggregate amount of debts owing to such creditors, amounts to five hundred rupees, and
(b) the debt is a liquidated sum payable either nnmedi ately or at some eertain future time, and
(c) the act of insolvency on which the petition is grounded has occurred withm three months before the presen tation of the petition:
Provided that where the said period of three months refer red to in clause (c) expires on a day when the Court is closed, the insolvency petition may be presented on the day on which the Court reopens.
(2) If the petitioning creditor is a secured creditor he shall in his petition either state that he is willing to relinquish his security for the benefit of the creditors in the event of the debtor being adjudged insolvent, or give an estimate of the value of the security. In the latter caRe, he may be admitted as a petitioning creditor to the extent of the balance of the debt due to him after deducting the value so estimated in the same way as if he were an unsecured creditor.