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Section 148: Release of bankruptcy trustee.

The Insolvency and Bankruptcy Code, 2016.Central Act · Act 31 of 2016

(1) A bankruptcy trustee shall be released from his office with effect from the date on which the Adjudicating Authority passes an order appointing a new bankruptcy trustee in the event of replacement, resignation or occurrence of vacancy under sections 145, 146 or section 147, as the case may be.

(2) Notwithstanding the release under sub-section (1), the bankruptcy trustee who has been so released, shall share all information with the new bankruptcy trustee in respect of the bankruptcy process and co-operate with the new bankruptcy trustee in such matters as may be required.

(3) A bankruptcy trustee who has completed the administration of the bankruptcy process shall be released of his duties with effect from the date on which the committee of creditors approves the report of the bankruptcy trustee under section 137.

Where this provision sits

ActThe Insolvency and Bankruptcy Code, 2016.
Section148
Marginal noteRelease of bankruptcy trustee.
JurisdictionCentral
StatusIn force as published by the source

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