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of <h1>Bankruptcy Trustee Must Open 'In Bankruptcy Process' Account; Funds Managed via Cheques or Online; Cash Limit Specified</h1> The Insolvency and Bankruptcy Board of India Regulations, 2019, mandates that a bankruptcy trustee must open a bank account in the name of the bankrupt, labeled 'in bankruptcy process,' at a scheduled bank. All funds received by the trustee must be deposited into this account by the next working day. The trustee is allowed to retain a cash amount of up to ten thousand rupees, or more if approved by the Adjudicating Authority, for bankruptcy process costs. Payments exceeding five thousand rupees must be made via cheques or online transactions from this account.
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