https://www.taxtmi.com/caselaws?id=785330 Effect of a bankruptcy order bars unilateral release of frozen bank accounts; administration and distribution of the bankrupt's estate vests with the bankruptcy trustee, who manages assets for creditor distribution, and directions for release require adjudicatory application. Claims that specific amounts were held on trust were unproven and thus not released. Amounts credited after the bankruptcy commencement date that the trustee has not claimed by notice must be released to the bankrupt. The bankrupt may apply to the adjudicating authority for targeted release of funds for legitimate needs, to be considered with opportunity to the trustee. en-us Wed, 14 Jan 2026 00:00:00 +0530 Thu, 22 Jan 2026 08:41:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=785330 Effect of a bankruptcy order bars unilateral release of frozen bank accounts; administration and distribution of the bankrupt's estate vests with the bankruptcy trustee, who manages assets for creditor distribution, and directions for release require adjudicatory application. Claims that specific amounts were held on trust were unproven and thus not released. Amounts credited after the bankruptcy commencement date that the trustee has not claimed by notice must be released to the bankrupt. The bankrupt may apply to the adjudicating authority for targeted release of funds for legitimate needs, to be considered with opportunity to the trustee. Case-Laws IBC Wed, 14 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=785330