Section 153 - Approval of creditors for certain acts.

Trustee powers: committee-approved authority to manage the bankrupt's estate, conduct litigation, raise funds, and compromise claims.

Section 153 authorises the bankruptcy trustee, with prior approval of the committee of creditors, to manage and wind up the bankrupt's estate by carrying on business as needed, litigating or defending actions relating to estate property, accepting deferred consideration with safeguards, raising funds through mortgage or pledge, incurring liabilities to secure rights or options for creditors, referring disputes to arbitration or compromise, arranging with creditors, and appointing the bankrupt to supervise or assist in estate administration.