Section 59, The Bankruptcy Act, 2009

(1) The trustee may, with the permission of the committeeof inspection, do all or any of the following things:- (a) carry on the business of the bankrupt so far as may be necessary for the beneficial winding up of the business; (b) bring, institute or defend any action or other legal proceeding relating to the property of the bankrupt; (c) employ a legal practitioner or other agent to take any proceedings or do any business which may be sanctioned by the committee of inspection; (d) accept as the consideration for the sale of any property of the bankrupt a sum of money payable at a future time subject to such stipulations as to security and otherwise as the committee thinks fit; (e) mortgage or pledge any part of the property of the bankrupt for the purpose of raising money for the payment of his debts; (f) refer any dispute to arbitration, or compromise any debts, claims and liabilities, whether present or future, certain or contingent, liquidated or unliquidated, subsisting or supposed to subsist between the bankrupt and any person who may have incurred any liability to the bankrupt, on the receipt of such sums, payable at such times and generally on such terms as may be agreed on; (g) make such compromise or other arrangement as may be thought expedient with creditors or persons claiming to be creditors in respect of any debts provable under the bankruptcy; (h) make such compromise or other arrangement as may be thought expedient with respect to any claim arising out of or incidental to the property of the bankrupt made or capable of being made on the trustee by any person or by the trustee on any person; (i) divide in its existing form among the creditors, according to its estimated value, any property which from its peculiar nature or other special circumstances cannot be readily or advantageously sold. (2) The permission given for the purposes of subsection (1) shall not be a general permission to do all or any of those things but shall only be a permission to do the particular thing, or things for which permission is sought in the specified case or cases. 50 51 Powers exercisable by trustee with permission of committee of inspection.