(1) A debtor or his creditor may make an application for the settlement of his debts to the Tribunal established for an area in which he ordinarily resides, within such time as may be prescribed by the Government.
(2) Every application made under sub-section (1) shall be in writing in the prescribed form and shall be signed and verified in the prescribed manner.
(3) Every such application shall contain the following particulars, namely :--
(a) the name and address of the applicant ;
(b) the amount and particulars of all debts with the name and address of the creditor or debtors, as the case may be ;
(c) the particulars of debtor's properties both movable and immovable with estimated present market value thereof, and of any pledge, hypothecation, mortgage, lien or charge as security subsisting thereon in the case of an application from a debtor, and particulars of debtor's such properties both movable and immovable as pledged, hypothecated or mortgaged to the creditor in the case of application from the creditor ;
(d) the particulars of the documents evidencing or proving the existence of the debts enumerated in the application ;
(e) the number and year of the suit or proceeding with the name of the Civil court, if such suit or proceeding is pending before that Civil court in respect of debts enumerated in the application.
7. No application shall lie under section 6 for settlement of any debt due from a debtor to whom such debt has been transferred or assigned by any person who is not himself a debtor.