Extortionate credit transactions Section 167: Extortionate credit transactions. *167. (1) Subject to sub-section (6), on an application by the bankruptcy trustee, the Adjudicating Authority may make an order under this section in respect of extortionate credit transactions to which the bankrupt is or has been a party. (2) The transactions under sub-section (1) should have … Read more
Effect of order Section 166: Effect of order. *166. (1) Subject to the provision of sub-section (2), an order passed by the Adjudicating Authority under section 164 or section 165 shall not, – (a) give rise to a right against a person interested in the property which was acquired in an undervalued transaction or a … Read more
Preference transactions Section 165: Preference transactions. *165. (1) The bankruptcy trustee may apply to the Adjudicating Authority for an order under this section if a bankrupt has given a preference to any person. (2) The transaction giving preference to an associate of the bankrupt under sub-section (1) should have been entered into by the bankrupt … Read more
Undervalued transactions Section 164: Undervalued transactions. *164. (1) The bankruptcy trustee may apply to the Adjudicating Authority for an order under this section in respect of an undervalued transaction between a bankrupt and any person. (2) The undervalued transaction referred to in sub-section (1) should have— (a) been entered into during the period of two … Read more
Challenge against disclaimed property Section 163: Challenge against disclaimed property. *163. (1) An application challenging the disclaimer may be made by the following persons under this section to the Adjudicating Authority— (a) any person who claims an interest in the disclaimed property; or (b) any person who is under any liability in respect of the … Read more
Disclaimer of leaseholds Section 162: Disclaimer of leaseholds. *162. (1) The bankruptcy trustee shall not be entitled to disclaim any leasehold interest, unless a notice of disclaimer has been served on every interested person and— (a) no application objecting to the disclaimer by the interested person, has been filed with respect to the leasehold interest, … Read more
Notice to disclaim onerous property Section 161: Notice to disclaim onerous property. *161. (1) No notice of disclaimer under section 160 shall be necessary if— (a) a person interested in the onerous property has applied in writing to the bankruptcy trustee or his predecessor requiring him to decide whether the onerous property should be disclaimed … Read more
Onerous property of bankrupt Section 160: Onerous property of bankrupt. *160. (1) The bankruptcy trustee may, by giving notice to the bankrupt or any person interested in the onerous property, disclaim any onerous property which forms a part of the estate of the bankrupt. (2) The bankruptcy trustee may give the notice under sub-section (1) … Read more
After-acquired property of bankrupt Section 159: After-acquired property of bankrupt. *159. (1) The bankruptcy trustee shall be entitled to claim for the estate of the bankrupt, any after-acquired property by giving a notice to the bankrupt. (2) A notice under sub-section (1) shall not be served in respect of— (a) excluded assets; or (b) any … Read more
Restrictions on disposition of property Section 158: Restrictions on disposition of property. *158. (1) Any disposition of property made by the debtor, during the period between the date of filing of the application for bankruptcy and the bankruptcy commencement date shall be void. (2) Any disposition of property made under sub-section (1) shall not give … Read more