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

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