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of <h1>Understanding Section 36 of Insolvency and Bankruptcy Code: Liquidation Estate Formation and Exclusions Explained</h1> Section 36 of the Insolvency and Bankruptcy Code, 2016, outlines the formation and composition of the liquidation estate during a corporate debtor's liquidation process. The liquidator is tasked with creating this estate, which includes all assets owned by the corporate debtor, tangible and intangible, and any assets recovered through avoidance proceedings. However, certain assets are excluded from this estate, such as third-party-owned assets, assets held in trust, sums due to employees from specific funds, and personal assets of shareholders. The liquidator holds the estate as a fiduciary for the creditors' benefit.
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