Section 151 of Insolvency and Bankruptcy Code, 2016 (IBC): Rights of bankruptcy trustee

The Insolvency and Bankruptcy Code, 2016

Part-III Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms

Chapter-V Administration and Distribution of the Estate of the Bankrupt

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;

(e) employ persons to assist him;

(f) execute any power of attorney, deed or other instrument; and

(g) do any other act which is necessary or expedient for the purposes of or in connection with the exercise of his rights.


Reference

*Only in so far as they relate to personal guarantors to corporate debtors, came into force w.e.f. 01.12.2019.


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