Voting rights of creditors (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 […]

Conduct of meeting of creditors (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

Summoning of meeting of creditors (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

Preparation of list of creditors. 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. Practice area’s

Registration of claims (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 his claims, shall provide such other information and in such manner as may be prescribed. Practice area’s

Public notice inviting claims from creditors (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 by the bankrupt under section 122. (b) issue a public notice inviting claims from creditors. (2) The public notice under clause

Statement of financial position (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 position shall be submitted in the such form and manner as may be prescribed. (3) Where the bankrupt is a firm, its partners on the

Effect of bankruptcy order (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 of sub-section (2), a creditor of the bankrupt indebt ed in respect of any debt claimed as a bankruptcy debt shall not– (i) initiate any