Section 154
Vesting of estate of bankrupt in bankruptcy trustee.
The Insolvency and Bankruptcy Code, 2016.
About this Act
An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.
(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.
(2) The vesting under sub-section (1) shall take effect without any conveyance, assignment or transfer.