Section 148 in The Insolvency and Bankruptcy Code, 2016

Title: Release of bankruptcy trustee.

Description: (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 section 147, as the case may be. (2) Notwithstanding the release under sub-section (1), the bankruptcy trustee who has been so released, shall share all information with the new bankruptcy trustee in respect of the bankruptcy process and co-operate with the new bankruptcy trustee in such matters as may be required. (3) A bankruptcy trustee who has completed the administration of the bankruptcy process shall be released of his duties with effect from the date on which the committee of creditors approves the report of the bankruptcy trustee under section 137.

Title: Functions of bankruptcy trustee.

Description: 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

Title: Duties of bankrupt towards bankruptcy trustee.

Description: (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.

Title: Right of bankruptcy trustee.

Description: 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 attorney, deed or other instrument; and (g) do any other act which is necessary or expedient for the purposes of or in connection with the exercise of his rights.

Title: General powers of bankruptcy trustee.

Description: 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 debts due to the bankrupt as are comprised in his estate; (d) where any property comprised in the estate of the bankrupt is held by any person by way of pledge or hypothecation, exercise the right of redemption in respect of any such property subject to the relevant contract by giving notice to the said person; (e) where any part of the estate of the bankrupt consists of securities in a company or any other property which is transferable in the books of a person, exercise the right to transfer the property to the same extent as the bankrupt might have exercised it if he had not become bankrupt; and (f) deal with any property comprised in the estate of the bankrupt to which the bankrupt is beneficially entitled in the same manner as he might have dealt with it.

PART 3 INSOLVENCY RESOLUTION AND BANKRUPTCY FOR INDIVIDUALS AND PARTNERSHIP FIRMS CHAPTER 4 BANKRUPTCY ORDER FOR INDIVIDUALS AND PARTNERSHIP FIRMS