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Section 157 : Acquisition of control by bankruptcy trustee

(1) The bankruptcy trustee shall take possession and control of all property, books, papers and other records relating to the estate of the bankrupt or affairs of the bankrupt which belong to him or are in his possession or under his control.

(2) Where any part of the estate of the bankrupt consists of things in actionable claims, they shall be deemed to have been assigned to the bankruptcy trustee without any notice of the assignment.


Insolvency and Bankruptcy Code 2016

Section 151 Rights of bankruptcy trustee

Section 152 General powers of bankruptcy trustee

Section 153 Approval of creditors for certain acts

Section 154 Vesting of estate of bankrupt in bankruptcy trustee

Section 155 Estate of bankrupt

Section 156 Delivery of property and documents to bankruptcy trustee

Section 157 Acquisition of control by bankruptcy trustee

Section 158 Restrictions on disposition of property

Section 159 After-acquired property of bankrupt

Section 160 Onerous property of bankrupt

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