148. (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.