Section 59 of the Provincial Insolvency Act, 1920 – Duties and powers of receiver

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Section 59: Duties and powers of receiver

Subject to the provisions of this Act, the receiver shall, with all convenient speed, realise the property of the debtor and distribute dividends among the creditors entitled thereto, and for that purpose may— (a) sell all or any part of the property of the insolvent; (b) give receipts for any money received by him; and may, by leave of the Court, do all or any of the following things, namely:— (c) carry on the business of the insolvent so far as may be necessary for the beneficial winding up of the same; (d) institute, defend or continue any suit or other legal proceeding relating to the property of the insolvent; (e) employ a pleader or other agent to take any proceedings or do any business which may be sanctioned by the Court;

Source: official text of The Provincial Insolvency Act, 1920 as published on India Code (PDF). All sections of the Provincial Insolvency Act, 1920.

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