Estate of bankrupt defined to include vested property and powers, but excludes trust assets, employee fund claims, and notified assets. The estate of the bankrupt comprises all property belonging to or vested in the bankrupt at the bankruptcy commencement date, the capacity to exercise and initiate proceedings for powers in respect of such property for the bankrupt's benefit up to the date of discharge, and property comprised in the estate by this Chapter; it excludes excluded assets, property held on trust, sums due to employees from provident/pension/gratuity funds, and assets notified by the Central Government.