https://www.taxtmi.com/highlights?id=96243 Effect of a bankruptcy commencement order: the bankruptcy trustee is entrusted with administration and distribution of the bankrupts estate, and assets taken into the estate are for distribution among creditors, so an application to defreeze accounts was rightly rejected. Amounts credited to the debtors account after the bankruptcy commencement date do not automatically vest in the trustee and must be released to the bankrupt if the trustee has not asserted a claim by giving the prescribed notice; the bankrupt may apply to the adjudicating authority for directed release of specific sums for legitimate needs, to be considered with opportunity to the trustee. en-us Thu, 22 Jan 2026 10:40:59 +0530 Thu, 22 Jan 2026 10:40:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=96243 Effect of a bankruptcy commencement order: the bankruptcy trustee is entrusted with administration and distribution of the bankrupts estate, and assets taken into the estate are for distribution among creditors, so an application to defreeze accounts was rightly rejected. Amounts credited to the debtors account after the bankruptcy commencement date do not automatically vest in the trustee and must be released to the bankrupt if the trustee has not asserted a claim by giving the prescribed notice; the bankrupt may apply to the adjudicating authority for directed release of specific sums for legitimate needs, to be considered with opportunity to the trustee. Highlights IBC Thu, 22 Jan 2026 10:40:59 +0530 https://www.taxtmi.com/highlights?id=96243