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of <h1>Section 155 defines bankrupt estate, including all owned property, with exclusions for trust assets and specified funds.</h1> The estate of a bankrupt, as defined in Section 155 of the Insolvency and Bankruptcy Code, 2016, includes all property owned or vested in the bankrupt at the commencement of bankruptcy, the ability to exercise powers over such property, and any property included by provisions of the chapter. Exclusions from the estate are assets held in trust for others, sums due to workers from specified funds, excluded assets, and assets notified by the Central Government in consultation with financial regulators. These provisions came into effect on December 1, 2019.
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