(1) Notwithstanding the fact that no application had been made under section 24,-
(a) every creditor, on being required to do so by notice in writing by any of his debtors, shall, within two months from the date of receipt of such notice, file before the Court a true and correct statement of all his claims under any decree or otherwise against such debtor, and shall at the same time send a copy thereof to such debtor, and
(b) every debtor, on being required to do so by notice in writing by any of his creditors, shall, within two months from the date of receipt of such notice, file before the Court a true and correct statement,-
(i) of all the debts owned by such debtor under any decree or otherwise to such creditor or creditors;
(ii) declaring whether he holds any land used for agricultural purposes, and if so, the exact area and situation of the land so held, together with its market value as certified in a corporation area by an engineer of the corporation authorised by it in this behalf and elsewhere by the Tahsildar having jurisdiction over the area where such land is situated, and whether he has been cultivating the land personally within the meaning of the relevant tenancy law;
(iii) of his total income from agriculture, and from sources other than agriculture, in the year immediately preceding the date of the notice, the agricultural and non-agricultural income and the different sources of nonagricultural income being shown separately;
(iv) of his other immovable property, if any, together with its market value as certified in a corporation area by an engineer of the corporation authorised by it in this behalf and elsewhere by the Tahsildar having jurisdiction over the area where such property is situated.
The debtor shall at the same time send a copy of such statement to such creditor.
(2) Notwithstanding anything contained in sub-section (1), the Court may, for sufficient cause, extend, from time to time, the period (but not exceeding six months in the aggregate) within which the creditor or the debtor, as the case may be, may file the statement under this section.
(3) Every creditor or debtor giving a notice under sub-section (1) shall at the same time send a copy thereof to the Court.
(4) In awarding the costs of any proceeding in respect of any application made under section 24, the Court may, on being satisfied that the statement required to be filed under sub-section (1) was, without sufficient cause, not filed within the time specified therein, or within the period extended under sub-section (2), or incorrectly filed, direct the party in default to bear the whole or any portion of such costs.