Section 132 in The Insolvency and Bankruptcy Code, 2016

Title: Preparation of list of creditors.

Description: 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 118 and the statement of affairs filed under section 125; and (b) claims received by the bankruptcy trustee under sub-section (2) of section 130.

Title: Summoning of meeting of creditors.

Description: (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 under sub-section (1) shall— (a) state the date of the meeting of the creditors, which shall not be later than twenty-one days from the bankruptcy commencement date; (b) be accompanied with forms of proxy voting; (c) specify the form and manner in which the proxy voting may take place. (3) The proxy voting, including electronic proxy voting shall take place in such manner and form as may be specified.

Title: Conduct of meeting of creditors.

Description: (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. (3) The following business shall be conducted in the meeting of the creditors in which regard a resolution may be passed, namely:— (a) the establishment of a committee of creditors; (b) any other business that the bankruptcy trustee thinks fit to be transacted. (4) The bankruptcy trustee shall cause the minutes of the meeting of the creditors to be recorded, signed and retained as a part of the records of the bankruptcy process. (5) The bankruptcy trustee shall not adjourn the meeting of the creditors for any purpose for more than seven days at a time.

Title: Voting rights of creditors.

Description: (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 the voting share to be assigned to each creditor in the manner specified by the Board. (3) A creditor shall not be entitled to vote in respect of a debt for an unliquidated amount. (4) The following creditors shall not be entitled to vote under this section, namely:— (a) creditors who are not mentioned in the list of creditors under section 132 and those who have not been given a notice by the bankruptcy trustee; (b) creditors who are associates of the bankrupt.

Title: Administration and distribution of estate of bankruptcy.

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

PART 3 INSOLVENCY RESOLUTION AND BANKRUPTCY FOR INDIVIDUALS AND PARTNERSHIP FIRMS CHAPTER 4 BANKRUPTCY ORDER FOR INDIVIDUALS AND PARTNERSHIP FIRMS