https://www.taxtmi.com/caselaws?id=800633 Bankruptcy commencement vests property standing to the bankrupt's credit, including bank-account balances, in the Bankruptcy Trustee by operation of law, regardless of the bankrupt's knowledge. Statutory exclusions for personal ornaments are exhaustive: only qualifying unencumbered ornaments within the prescribed limit are protected, not sale proceeds deposited into a bank account; withdrawals of such proceeds therefore concern estate property and must be returned. Recall of an ex parte return order requires substantiated inability to respond and demonstrated prejudice; unsupported connectivity issues and adequate opportunity to answer do not justify recall. en-us Wed, 07 Oct 2026 00:00:00 +0530 Fri, 09 Oct 2026 08:30:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=800633 Bankruptcy commencement vests property standing to the bankrupt's credit, including bank-account balances, in the Bankruptcy Trustee by operation of law, regardless of the bankrupt's knowledge. Statutory exclusions for personal ornaments are exhaustive: only qualifying unencumbered ornaments within the prescribed limit are protected, not sale proceeds deposited into a bank account; withdrawals of such proceeds therefore concern estate property and must be returned. Recall of an ex parte return order requires substantiated inability to respond and demonstrated prejudice; unsupported connectivity issues and adequate opportunity to answer do not justify recall. Case-Laws IBC Wed, 07 Oct 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=800633