Section 151: Rights of bankruptcy trustee

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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.


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Notifications & Circulars

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

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