Acquisition of control by bankruptcy trustee Section 157: Acquisition of control by bankruptcy trustee. *157. (1) The bankruptcy trustee shall take possession and control of all property, books, papers and other records relating to the estate of the bankrupt or affairs of the bankrupt which belong to him or are in his possession or under … Read more

Delivery of property and documents to bankruptcy trustee Section 156: Delivery of property and documents to bankruptcy trustee. *156. The bankrupt, his banker or agent or any other person having possession of any property, books, papers or other records which bankruptcy trustee is required to take possession for the purposes of the bankruptcy process shall … Read more

Estate of bankrupt Section 155: Estate of bankrupt. *155. (1) The estate of the bankrupt shall include,— (a) all property belonging to or vested in the bankrupt at the bankruptcy commencement date; (b) the capacity to exercise and to initiate proceedings for exercising all such powers in or over or in respect of property as … Read more

Vesting of estate of bankrupt in bankruptcy trustee Section 154: Vesting of estate of bankrupt in bankruptcy trustee. *154. (1) The estate of the bankrupt shall vest in the bankruptcy trustee immediately from the date of his appointment. (2) The vesting under sub-section (1) shall take effect without any conveyance, assignment or transfer.

Approval of creditors for certain acts Section 153: Approval of creditors for certain acts. *153. The bankruptcy trustee for the purposes of this Chapter may, after procuring the approval of the committee of creditors,— (a) carry on any business of the bankrupt as far as may be necessary for winding it up beneficially; (b) bring, … Read more

General powers of bankruptcy trustee Section 152: General powers of bankruptcy trustee. *152. The bankruptcy trustee may while discharging his functions under this Chapter,— (a) sell any part of the estate of the bankrupt; (b) give receipts for any money received by him; (c) prove, rank, claim and draw a dividend in respect of such … Read more

Rights of bankruptcy trustee Section 151: Rights of bankruptcy trustee. *151. For the purpose of performing his functions under this Chapter, the bankruptcy trustee may, by his official name— (a) hold property of every description; (b) make contracts; (c) sue and be sued; (d) enter into engagements in respect of the estate of the bankrupt; … Read more

Duties of bankrupt towards bankruptcy trustee Section 150: Duties of bankrupt towards bankruptcy trustee. *150. (1) The bankrupt shall assist the bankruptcy trustee in carrying out his functions under this Chapter by— (a) giving to the bankruptcy trustee the information of his affairs; (b) attending on the bankruptcy trustee at such times as may be … Read more

Functions of bankruptcy trustee Section 149: Functions of bankruptcy trustee. *149. The bankruptcy trustee shall perform the following functions in accordance with the provisions of this Chapter— (a) investigate the affairs of the bankrupt; (b) realise the estate of the bankrupt; and (c) distribute the estate of the bankrupt.

Release of bankruptcy trustee Section 148: Release of bankruptcy trustee. *148. (1) A bankruptcy trustee shall be released from his office with effect from the date on which the Adjudicating Authority passes an order appointing a new bankruptcy trustee in the event of replacement, resignation or occurrence of vacancy under sections 145, 146 or section … Read more