IBC 157 — Acquisition of control by bankruptcy trustee

Insolvency & Bankruptcy Code, 2016

Statutory text

(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, they shall be deemed to have been assigned to the bankruptcy trustee without any notice of the assignment.

Back to IBC