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        IBC

        Section 157 - Acquisition of control by bankruptcy trustee.

        Insolvency and Bankruptcy Code, 2016
        Chapter V (of Part III)
        ADMINISTRATION AND DISTRIBUTION OF THE ESTATE OF THE BANKRUPT

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        Acquisition of control by bankruptcy trustee enables possession of estate assets and automatic assignment of actionable claims. Section 157 empowers the bankruptcy trustee to take possession and control of all property, books, papers and records of the bankrupt and deems actionable claims forming part of the estate to have been assigned to the trustee without any notice of assignment.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Acquisition of control by bankruptcy trustee enables possession of estate assets and automatic assignment of actionable claims.

                                Section 157 empowers the bankruptcy trustee to take possession and control of all property, books, papers and records of the bankrupt and deems actionable claims forming part of the estate to have been assigned to the trustee without any notice of assignment.


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