Section 151 in The Insolvency and Bankruptcy Code, 2016

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.

Title: Approval of creditors for certain acts.

Description: 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 the bankrupt; (c) accept as consideration for the sale of any property a sum of money due at a future time subject to certain stipulations such as security; (d) mortgage or pledge any property for the purpose of raising money for the payment of the debts of the bankrupt; (e) where any right, option or other power forms part of the estate of the bankrupt, make payments or incur liabilities with a view to obtaining, for the benefit of the creditors, any property which is the subject of such right, option or power; (f) refer to arbitration or compromise on such terms as may be agreed, any debts subsisting or supposed to subsist between the bankrupt and any person who may have incurred any liability to the bankrupt; (g) make compromise or other arrangement as may be considered expedient, with the creditors; (h) make compromise or other arrangement as he may deem expedient with respect to any claim arising out of or incidental to the bankrupt's estate; (i) appoint the bankrupt to— (A) supervise the management of the estate of the bankrupt or any part of it; (B) carry on his business for the benefit of his creditors; (C) assist the bankruptcy trustee in administering the estate of the bankrupt.

Title: Vesting of estate of bankrupt in bankruptcy trustee.

Description: (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.

Title: Estate of bankrupt.

Description: (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 the date of the discharge order passed under section 138; and (c) all property which by virtue of any of the provisions of this Chapter is comprised in the estate. (2) The estate of the bankrupt shall not include— (a) excluded assets; (b) property held by the bankrupt on trust for any other person; (c) all sums due to any workman or employee from the provident fund, the pension fund and the gratuity fund; and (d) such assets as may be notified by the Central Government in consultation with any financial sector regulator.

PART 3 INSOLVENCY RESOLUTION AND BANKRUPTCY FOR INDIVIDUALS AND PARTNERSHIP FIRMS CHAPTER 5 ADMINISTRATION AND DISTRIBUTION OF THE ESTATE OF BANKRUPT