Completion of administration Section 137: Completion of administration. *137. (1) The bankruptcy trustee shall convene a meeting of the committee of creditors on completion of the administration and distribution of the estate of the bankrupt in accordance with the provisions of Chapter V. (2) The bankruptcy trustee shall provide the committee of creditors with a … Read more

Administration and distribution of estate of bankrupt Section 136: Administration and distribution of estate of bankrupt. *136. The bankruptcy trustee shall conduct the administration and distribution of the estate of the bankrupt in accordance with the provisions of Chapter V.

Voting rights of creditors Section 135: Voting rights of creditors. *135. (1) Every creditor mentioned in the list under section 132 or his proxy shall be entitled to vote in respect of the resolutions in the meeting of the creditors in accordance with the voting share assigned to him. (2) The resolution professional shall determine … Read more

Conduct of meeting of creditors Section 134: Conduct of meeting of creditors. *134. (1) The bankruptcy trustee shall be the convener of the meeting of the creditors summoned under section 133. (2) The bankruptcy trustee shall decide the quorum for the meeting of the creditors, and conduct the meeting only if the quorum is present. … Read more

Summoning of meeting of creditors Section 133: Summoning of meeting of creditors. *133. (1) The bankruptcy trustee shall, within twenty-one days from the bankruptcy commencement date, issue a notice for calling a meeting of the creditors, to every creditor of the bankrupt as mentioned in the list prepared under section 132. (2) The notices issued … Read more

Preparation of list of creditors Section 132: Preparation of list of creditors. *132. The bankruptcy trustee shall, within fourteen days from the bankruptcy commencement date, prepare a list of creditors of the bankrupt on the basis of- (a) the information disclosed by the bankrupt in the application for bankruptcy filed by the bankrupt under section … Read more

Registration of claims Section 131: Registration of claims. *131. (1) The creditors shall register claims with the bankruptcy trustee within seven days of the publication of the public notice, by sending details of the claims to the bankruptcy trustee in such manner as may be prescribed. (2) The creditor, in addition to the details of … Read more

Public notice inviting claims from creditors Section 130: Public notice inviting claims from creditors. *130. (1) The Adjudicating Authority shall— (a) send notices within ten days of the bankruptcy commencement date, to the creditors mentioned in— (i) the statement of affairs submitted by the bankrupt under section 129; or (ii) the application for bankruptcy submitted … Read more

Statement of financial position Section 129: Statement of financial position. *129. (1) Where a bankruptcy order is passed on the application for bankruptcy by a creditor under section 123, the bankrupt shall submit his statement of financial position to the bankruptcy trustee within seven days from the bankruptcy commencement date. (2) The statement of financial … Read more

Effect of bankruptcy order Section 128: Effect of bankruptcy order. *128. (1) On the passing of the bankruptcy order under section 126,— (a) the estate of the bankrupt shall vest in the bankruptcy trustee as provided in section 154; (b) the estate of the bankrupt shall be divided among his creditors; (c) subject to provisions … Read more