Section 135 in The Insolvency and Bankruptcy Code, 2016

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.

Title: Completion of administration.

Description: (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 report of the administration of the estate of the bankrupt in the meeting of the said committee. (3) The committee of creditors shall approve the report submitted by the bankruptcy trustee under sub-section (2) within seven days of the receipt of the report and determine whether the bankruptcy trustee should be released under section 148. (4) The bankruptcy trustee shall retain sufficient sums from the estate of the bankrupt to meet the expenses of convening and conducting the meeting required under this section during the administration of the estate.

Title: Discharge order.

Description: (1) The bankruptcy trustee shall apply to the Adjudicating Authority for a discharge order— (a) on the expiry of one year from the bankruptcy commencement date; or (b) within seven days of the approval of the committee of creditors of the completion of administration of the estates of the bankrupt under section 137, where such approval is obtained prior to the period mentioned in clause (a). (2) The Adjudicating Authority shall pass a discharge order on an application by the bankruptcy trustee under sub-section (1). (3) A copy of the discharge order shall be provided to the Board for the purpose of recording an entry in the register referred to in section 196.

Title: Effect of discharge.

Description: The discharge order under sub-section (2) of section 138 shall release the bankrupt from all the bankruptcy debt: Provided that discharge shall not— (a) affect the functions of the bankruptcy trustee; or (b) affect the operation of the provisions of Chapters IV and V of Part III; or (c) release the bankrupt from any debt incurred by means of fraud or breach of trust to which he was a party; or (d) discharge the bankrupt from any excluded debt.

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