December 23, 2023

Obligations under contracts (1) This section shall apply where a contract has been entered into by the bankrupt with a person before the bankruptcy commencement date. (2) Any party to a contract, other than the bankrupt under sub-section (1), may apply to the Adjudicating Authority for – (a) an order discharging the obligations of the applicant or the bankrupt under the contract; and (b) payment of […]

Extortionate credit transactions (1) Subject to sub-section (6), on an application by the bankruptcy trustee, the Adjudicating Authority may make an order under this section in respect of extortionate credit transactions to which the bankrupt is or has been a party. (2) The transactions under sub-section (1) should have been entered into by the bankrupt during the period of two years ending on the bankruptcy commencement date.

Effect of order (1) Subject to the provision of sub-section (2), an order passed by the Adjudicating Authority under section 164 or section 165 shall not, – (a) give rise to a right against a person interested in the property which was acquired in an undervalued transaction or a transaction giving preference, whether or not he is the person with whom the bankrupt entered into such transaction; and (b) require any person to pay a sum

Preference transactions (1) The bankruptcy trustee may apply to the Adjudicating Authority for an order under this section if a bankrupt has given a preference to any person. (2) The transaction giving preference to an associate of the bankrupt under sub-section (1) should have been entered into by the bankrupt with the associate during the period of two years ending on the date of the application for bankruptcy. (3) Any transaction giving preference not

Undervalued transactions (1) The bankruptcy trustee may apply to the Adjudicating Authority for an order under this section in respect of an undervalued transaction between a bankrupt and any person. (2) The undervalued transaction referred to in sub-section (1) should have – (a) been entered into during the period of two years ending on the filing of the application for bankruptcy; and (b) caused bankruptcy process to be

Challenge against disclaimed property (1) An application challenging the disclaimer may be made by the following persons under this section to the Adjudicating Authority– (a) any person who claims an interest in the disclaimed property; or (b) any person who is under any liability in respect of the disclaimed property; or (c) where the disclaimed property is a dwelling house, any person who on the date

Disclaimer of leaseholds (1) The bankruptcy trustee shall not be entitled to disclaim any leasehold interest, unless a notice of disclaimer has been served on every interested person and – (a) no application objecting to the disclaimer by the interested person, has been filed with respect to the leasehold interest, within fourteen days of the date on which notice was

Notice to disclaim onerous property (1) No notice of disclaimer under section 160 shall be necessary if – (a) a person interested in the onerous property has applied in writing to the bankruptcy trustee or his predecessor requiring him to decide whether the onerous property should be disclaimed or not; and (b) a decision under clause (a) has not been taken by the bankruptcy trustee within seven

Onerous property of bankrupt (1) The bankruptcy trustee may, by giving notice to the bankrupt or any person interested in the onerous property, disclaim any onerous property which forms a part of the estate of the bankrupt. (2) The bankruptcy trustee may give the notice under sub-section (1) notwithstanding that he has taken possession of the onerous property, endeavoured to sell it or has exercised rights