The Insolvency and Bankruptcy Code, 2016

Rights of bankruptcy trustee 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 […]

Duties of bankrupt towards bankruptcy trustee (1) The bankrupt shall assist the bankruptcy trustee in carrying out his functions under this Chapter by – (a) giving to the bankruptcy trustee the information of his affairs; (b) attending on the bankruptcy trustee at such times as may be required; (c) giving notice to the bankruptcy trustee of any of the following events which have occurred after the bankruptcy commencement

Functions of bankruptcy trustee The bankruptcy trustee shall perform the following functions in accordance with the provisions of this Chapter – (a) investigate the affairs of the bankrupt; (b) realise the estate of the bankrupt; and (c) distribute the estate of the bankrupt. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax

Release of bankruptcy trustee (1) A bankruptcy trustee shall be released from his office with effect from the date on which the Adjudicating Authority passes an order appointing a new bankruptcy trustee in the event of replacement, resignation or occurrence of vacancy under sections 145, 146 or 147, as the case may be. (2) Notwithstanding the release under sub-section (1), the bankruptcy trustee who has been so

Vacancy in office of bankruptcy trustee. (1) If a vacancy occurs in the office of the bankruptcy trustee for any reason other than his replacement or resignation, the vacancy shall be filled in accordance with the provisions of this section. (2) In the event of the occurrence of vacancy referred to in sub-section (1), the Adjudicating Authority shall direct

Resignation by bankruptcy trustee (1) A bankruptcy trustee may resign if – (a) he intends to cease practising as an insolvency professional; or (b) there is conflict of interest or change of personal circumstances which preclude the further discharge of his duties as a bankruptcy trustee. (2) The Adjudicating Authority shall, within seven days of the acceptance of the resignation of

Fees of bankruptcy trustee. (1) A bankruptcy trustee appointed for conducting the bankruptcy process shall charge such fees as may be specified in proportion to the value of the estate of the bankrupt. (2) The fees for the conduct of the bankruptcy process shall be paid to the bankruptcy trustee from the distribution of the estate of the bankrupt in the manner provided in section 178. Practice area’s of B

Standard of conduct The bankruptcy trustee shall perform his functions and duties in compliance with the code of conduct provided under section 208. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration |

Modification or recall of bankruptcy order. (1) The Adjudicating Authority may, on an application or suo motu, modify or recall a bankruptcy order, whether or not the bankrupt is discharged, if it appears to the Adjudicating Authority that — (a) there exists an error apparent on the face of such order; or (b) both the bankruptcy debts and the expenses of the bankruptcy have, after

Restrictions on bankrupt. (1) A bankrupt, from the bankruptcy commencement date, shall, – (a) not act as a director of any company, or directly or indirectly take part in or be concerned in the promotion, formation or management of a company; (b) without the previous sanction of the bankruptcy trustee, be prohibited from creating any charge on his estate