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 151: Rights of bankruptcy trustee.
    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.
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