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Section 157 - Insolvency and Bankruptcy Code Act, 2016
157. 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, they shall be deemed to have been assigned to the bankruptcy trustee without any notice of the assignment.
Related Sections
- Section 173: Mutual credit and set-off
- Section 129: Statement of financial position
- Section 75: Punishment for false information furnished in application
- Section 76: Punishment for non-disclosure of dispute or payment of debt by operational credito
- Section 26: Application for avoidance of transactions not to affect proceedings
Related Acts
* Only for reference.