Section 155 in The Insolvency and Bankruptcy Code, 2016

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.

Title: Delivery of property and documents to bankruptcy trustee.

Description: 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.

Title: Acquisition of control by bankruptcy trustee.

Description: (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.

Title: Restrictions on disposition of property.

Description: (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 received such property before the bankruptcy commencement date in— (a) good faith; (b) for value; and (c) without notice of the filing of the application for bankruptcy. (3) For the purposes of this section, the term "property" means all the property of the debtor, whether or not it is comprised in the estate of the bankrupt, but shall not include property held by the debtor in trust for any other person.

Title: After-acquired property of bankrupt.

Description: (1) The bankruptcy trustee shall be entitled to claim for the estate of the bankrupt, any after-acquired property by giving a notice to the bankrupt. (2) A notice under sub-section (1) shall not be served in respect of— (a) excluded assets; or (b) any property which is acquired by or devolves upon the bankrupt after a discharge order is passed under section 138. (3) The notice under sub-section (2) shall be given within fifteen days from the day on which the acquisition or devolution of the after-acquired property comes to the knowledge of the bankruptcy trustee. (4) For the purposes of sub-section (3)— (a) anything which comes to the knowledge of the bankruptcy trustee shall be deemed to have come to the knowledge of the successor of the bankruptcy trustee at the same time; and (b) anything which comes to the knowledge of a person before he is appointed as a bankruptcy trustee shall be deemed to have come to his knowledge on the date of his appointment as bankruptcy trustee. (5) The bankruptcy trustee shall not be entitled, by virtue of this section, to claim from any person who has acquired any right over after-acquired property, in good faith, for value and without notice of the bankruptcy. (6) A notice may be served after the expiry of the period under sub-section (3) only with the approval of the Adjudicating Authority. Explanation.—For the purposes of this section, the term “after-acquired property” means any property which has been acquired by or has devolved upon the bankrupt after the bankruptcy commencement date.

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