Mera Samvidhaan All of Insolvency and Bankruptcy Code, 2016

Part III · Chapter V · Administration and Distribution of the Estate of the Bankrupt

157Acquisition of control by bankruptcy trustee.

Section 157 · Part III · Chapter V · page 115 of the Act

(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.

Section 157 of The Insolvency and Bankruptcy Code, 2016 is reproduced in full above, as printed by India Code, with its footnotes and amendment markers. Read the whole Act, or browse every Act on Mera Samvidhaan.