Regulation 32 - Bank account for bankruptcy process
Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 Chapter VI PROCEEDS OF BANKRUPTCY PROCESS AND DISTRIBUTION OF PROCEEDS
📋
Contents
Cases Cited
Referred In
Notifications
Circulars
Forms
Manuals
Acts
Rules & Regulations
Case Laws New
Ref Provisions New
Plus +
Source NTF
Summary
Similar
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Bank account for bankruptcy process: trustee must centralise receipts, deposit realisations promptly, and require traceable payments. The bankruptcy trustee must open a bank account in the bankrupt's name followed by 'in bankruptcy process' in a scheduled bank, deposit all receipts and daily realisations into that account without deduction by the next working day, may retain a limited approved cash float for process costs, and must make payments above the prescribed threshold by cheque or online banking to ensure traceable disbursements.
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.
Bank account for bankruptcy process: trustee must centralise receipts, deposit realisations promptly, and require traceable payments.
The bankruptcy trustee must open a bank account in the bankrupt's name followed by 'in bankruptcy process' in a scheduled bank, deposit all receipts and daily realisations into that account without deduction by the next working day, may retain a limited approved cash float for process costs, and must make payments above the prescribed threshold by cheque or online banking to ensure traceable disbursements.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.