The Insolvency and Bankruptcy Code, 2016
Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms
Administration and Distribution of The Estate of the Bankrupt
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 debts due to the bankrupt as are comprised in his estate;
(d) where any property comprised in the estate of the bankrupt is held by any person by way of pledge or hypothecation, exercise the right of redemption in respect of any such property subject to the relevant contract by giving notice to the said person;
(e) where any part of the estate of the bankrupt consists of securities in a company or any other property which is transferable in the books of a person, exercise the right to transfer the property to the same extent as the bankrupt might have exercised it if he had not become bankrupt; and
(f) deal with any property comprised in the estate of the bankrupt to which the bankrupt is beneficially entitled in the same manner as he might have dealt with it.
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.