Vacancy in office of bankruptcy trustee Section 147: Vacancy in office of bankruptcy trustee. *147. (1) If a vacancy occurs in the office of the bankruptcy trustee for any reason other than his replacement or resignation, the vacancy shall be filled in accordance with the provisions of this section. (2) In the event of the … Read more
Resignation by bankruptcy trustee Section 146: Resignation by bankruptcy trustee. *146. (1) A bankruptcy trustee may resign if— (a) he intends to cease practising as an insolvency professional; or (b) there is conflict of interest or change of personal circumstances which preclude the further discharge of his duties as a bankruptcy trustee. (2) The Adjudicating … Read more
Replacement of bankruptcy trustee Section 145: Replacement of bankruptcy trustee. *145. (1) Where Committee of creditors is of the opinion that at any time during the bankruptcy process, a bankruptcy trustee appointed under section 125 is required to be replaced, it may replace him with another bankruptcy trustee in the manner provided under this section. … Read more
Fees of bankruptcy trustee Section 144: Fees of bankruptcy trustee. *144. (1) A bankruptcy trustee appointed for conducting the bankruptcy process shall charge such fees as may be specified in proportion to the value of the estate of the bankrupt. (2) The fees for the conduct of the bankruptcy process shall be paid to the … Read more
Standard of conduct Section 143: Standard of conduct. *143. The bankruptcy trustee shall perform his functions and duties in compliance with the code of conduct provided under section 208.
Modification or recall of bankruptcy order Section 142: Modification or recall of bankruptcy order. *142. (1) The Adjudicating Authority may, on an application or suo motu, modify or recall a bankruptcy order, whether or not the bankrupt is discharged, if it appears to the Adjudicating Authority that— (a) there exists an error apparent on the … Read more
Restrictions on bankrupt Section 141: Restrictions on bankrupt. *141. (1) A bankrupt, from the bankruptcy commencement date, shall— (a) not act as a director of any company, or directly or indirectly take part in or be concerned in the promotion, formation or management of a company; (b) without the previous sanction of the bankruptcy trustee, … Read more
Disqualification of bankrupt Section 140: Disqualification of bankrupt. *140. (1) The bankrupt shall, from the bankruptcy commencement date, be subject to the disqualifications mentioned in this section. (2) In addition to any disqualification under any other law for the time being in force, a bankrupt shall be disqualified from— (a) being appointed or acting as … Read more
Effect of discharge Section 139: Effect of discharge. *139. The discharge order under sub-section (2) of section 138 shall release the bankrupt from all the bankruptcy debt: Provided that discharge shall not— (a) affect the functions of the bankruptcy trustee; or (b) affect the operation of the provisions of Chapters IV and V of Part … Read more
Discharge order Section 138: Discharge order. *138. (1) The bankruptcy trustee shall apply to the Adjudicating Authority for a discharge order— (a) on the expiry of one year from the bankruptcy commencement date; or (b) within seven days of the approval of the committee of creditors of the completion of administration of the estates of … Read more