The Insolvency and Bankruptcy Code, 2016

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

After-acquired property of bankrupt (1) The bankruptcy trustee shall be entitled to claim for the estate of the bankrupt, any after-acquired property by giving a notice to the bankrupt. (2) A notice under sub-section (1) shall not be served in respect of – (a) excluded assets, or (b) any property which is acquired by or devolves upon the bankrupt after a discharge order is passed under section 138. (3)

Restrictions on disposition of property (1) Any disposition of property made by the debtor, during the period between the date of filing of the application for bankruptcy and the bankruptcy commencement date shall be void. (2) Any disposition of property made under sub-section (1) shall not give rise to any right against any person, in respect of such property, even if he has

Acquisition of control by bankruptcy trustee (1) The bankruptcy trustee shall take possession and control of all property, books, papers and other records relating to the estate of the bankrupt or affairs of the bankrupt which belong to him or are in his possession or under his control. (2) Where any part of the estate of the bankrupt consists of things in actionable claims,

Delivery of property and documents to bankruptcy trustee The bankrupt, his banker or agent or any other person having possession of any property, books, papers or other records which bankruptcy trustee is required to take possession for the purposes of the bankruptcy process shall deliver the said property and documents to the bankruptcy trustee. Practice area’s of B K Goyal & Co LLP Income

Estate of bankrupt (1) The estate of the bankrupt shall include, – (a) all property belonging to or vested in the bankrupt at the bankruptcy commencement date; (b) the capacity to exercise and to initiate proceedings for exercising all such powers in or over or in respect of property as might have been exercised by the bankrupt for his own benefit at the bankruptcy commencement date or before

Vesting of estate of bankrupt in bankruptcy trustee (1) The estate of the bankrupt shall vest in the bankruptcy trustee immediately from the date of his appointment. (2) The vesting under sub-section (1) shall take effect without any conveyance, assignment or transfer. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal

Approval of creditors for certain acts The bankruptcy trustee for the purposes of this Chapter may after procuring the approval of the committee of creditors, – (a) carry on any business of the bankrupt as far as may be necessary for winding it up beneficially; (b) bring, institute or defend any legal action or proceedings relating to the property comprised in the estate of

General powers of bankruptcy trustee. 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 debt s due to the bankrupt as are comprised in his estate; (d) where