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Section 175 : Distribution of property

(1) The bankruptcy trustee may, with the approval of the committee of creditors, divide in its existing form amongst the creditors, according to its estimated value, any property in its existing form which from its peculiar nature or other special circumstances cannot be readily or advantageously sold.

(2) An approval under sub-section (1) shall be sought by the bankruptcy trustee for each transaction, and a person dealing with the bankruptcy trustee in good faith and for value shall not be required to enquire whether any approval required under sub-section (1) has been given.

(3) Where the bankruptcy trustee has done anything without the approval of the committee of creditors, the committee may, for the purpose of enabling him to meet his expenses out of the estate of the bankrupt, ratify the act of the bankruptcy trustee.

(4) The committee of the creditors shall not ratify the act of the bankruptcy trustee under sub-section (3) unless it is satisfied that the bankruptcy trustee acted in a case of urgency and has sought its ratification without undue delay.


Insolvency and Bankruptcy Code 2016

Section 171 Proof of debt

Section 172 Proof of debt by secured creditors

Section 173 Mutual credit and set-off

Section 174 Distribution of interim dividend

Section 175 Distribution of property

Section 176 Final dividend

Section 177 Claims of creditors

Section 178 Priority of payment of debts

Section 179 Adjudicating Authority for individuals and partnership firms

Section 180 Civil court not to have jurisdiction

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