Act Number: 31

Act Name: The Insolvency and Bankruptcy Code, 2016.

Year: 2016

Enactment Date: 2016-05-28

Long Title: 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.

Ministry: Ministry of Corporate Affairs

Department:

Section 149: Functions of bankruptcy trustee.
    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
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