Definition
In personal insolvency under the IBC or the Presidency Towns Insolvency Act/Provincial Insolvency Act, the insolvent's estate (all property) vests in the Resolution Professional or Official Assignee. The debtor effectively "cedes" their assets to the insolvency estate for distribution to creditors. Certain properties (tools of trade, personal effects up to a prescribed limit) are exempt from cession.
Related Terms
Personal InsolvencyIBCResolution Professional
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Defined by Advocate Subodh Bajpai, Senior Partner, Unified Chambers and Associates