(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.
Insolvency and Bankruptcy Code 2016
Section 141 Restrictions on bankrupt
Section 142 Modification or recall of bankruptcy order
Section 143 Standard of conduct
Section 144 Fees of bankruptcy trustee
Section 145 Replacement of bankruptcy trustee
Section 146 Resignation by bankruptcy trustee
Section 147 Vacancy in office of bankruptcy trustee
Section 148 Release of bankruptcy trustee
CHAPTER V ADMINISTRATION AND DISTRIBUTION OF THE ESTATE OF THE BANKRUPT