30 March 2024 22:01

Chapter V of the Insolvency and Bankruptcy Code, 2016 (IBC) deals with the
administration and distribution of the estate of a bankrupt individual or
partnership firm after a bankruptcy order is passed.

It may be noted that “bankruptcy trustee” means the insolvency

professional appointed as a trustee for the estate of the bankrupt
under Section 125 or Section 145 of the Code.

This chapter (Sections 149 to 178) outlines the powers and duties of the
bankruptcy trustee, the process for handling the bankrupt's assets, and how
to distribute those assets to creditors. Here's a breakdown of the key
provisions:

Section 149 Functions of bankruptcy trustee

(a) investigate the affairs of the bankrupt;

(b) realise the estate of the bankrupt; and

(c) distribute the estate of the bankrupt.”

Section 150 Duties of bankrupt towards bankruptcy trustee

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� Section 179 provides that Adjudicating Authority for individuals and
partnership firms shall be the Debt
recovery tribunal having territorial jurisdiction over the place where the
individual debtor actually and
voluntarily resides or carries on business or personally works for gain.

� An appeal from an order of the Debt Recovery Tribunal under this Code
shall be filed within thirty days
before the debt recovery appellate tribunal.

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� No civil court or authority shall have jurisdiction to entertain any suit or
proceedings in respect of any
matter on which the Debt Recovery Tribunal or the Debt Recovery Appellate
Tribunal has jurisdiction
under this Code.

� An appeal from an order of the Debt Recovery Appellate Tribunal on a

question of law under this Code
shall be filed within forty-five days before the Supreme Court.

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