Regulation 32 - Bank account for bankruptcy process
Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 Chapter VI PROCEEDS OF BANKRUPTCY PROCESS AND DISTRIBUTION OF PROCEEDS
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Bank account for bankruptcy process: trustee must centralise receipts, deposit realisations promptly, and require traceable payments. The bankruptcy trustee must open a bank account in the bankrupt's name followed by 'in bankruptcy process' in a scheduled bank, deposit all receipts and ... Summary
Bank account for bankruptcy process: trustee must centralise receipts, deposit realisations promptly, and require traceable payments.
The bankruptcy trustee must open a bank account in the bankrupt's name followed by 'in bankruptcy process' in a scheduled bank, deposit all receipts and daily realisations into that account without deduction by the next working day, may retain a limited approved cash float for process costs, and must make payments above the prescribed threshold by cheque or online banking to ensure traceable disbursements.
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