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.
*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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