Effect of bankruptcy order.

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..... e of the bankrupt shall be divided among his creditors; (c) subject to provisions of sub-section (2), a creditor of the bankrupt indebted in respect of any debt claimed as a bankruptcy debt shall not- (i) initiate any action against the property of the bankrupt in respect of such debt; or (ii) commence any suit or other legal proceedings except with the leave of the Adjudicating Authority .....

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..... The provisions of sub-section (1) shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. *********** Notes:- 1. Come into the force w.e.f. 01-12-2019 [F. No. 30/21/2018-Insolvency Section]. S.O. 4126(E) Dated 15-11-2019 - - statute, statutory provisions legislation, law, enact .....

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