Section 155 of IBC : Section 155: Estate Of Bankrupt
IBC
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Explanation using Example
Imagine that Mr. Gupta has been declared bankrupt on January 1, 2023. The court-appointed insolvency professional is now assessing Mr. Gupta's assets to form his bankruptcy estate.
Application of Section 155(1):
The insolvency professional includes in the estate:
- Mr. Gupta's personal car and home that he owns.
- The rights to royalties from a book he authored, which he could have sold or licensed.
- An inheritance he received after the bankruptcy comm...
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