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of <h1>Bankrupt Individuals Must Not Dispose of New Assets Without Approval Under Regulation 28, Notify Trustee if Done Before Notice</h1> Under Regulation 28 of the Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, a bankrupt individual must not dispose of any newly acquired property or income increase without the Adjudicating Authority's permission after notifying under section 150(2). If property is disposed of before this notice, the bankrupt must inform the bankruptcy trustee within seven days, providing details to trace and recover the property. Expenses incurred by the trustee in reclaiming such property are included in the bankruptcy process costs.
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