IBC 150 — Duties of bankrupt towards bankruptcy trustee

Insolvency & Bankruptcy Code, 2016

Statutory text

(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 date,—
(i) acquisition of any property by the bankrupt;
(ii) devolution of any property upon the bankrupt;
(iii) increase in the income of the bankrupt;
(d) doing all other things as may be prescribed.
(2) The bankrupt shall give notice of the increase in income or acquisition or devolution of property under clause (c) of sub-section (1) within seven days of such increase, acquisition or devolution.
(3)  The  bankrupt  shall  continue  to  discharge  the  duties  under  sub-section  (1)  other  than  the  duties under clause (c) even after the discharge under section 138.

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