Act Number: 31

Act Name: The Insolvency and Bankruptcy Code, 2016.

Year: 2016

Enactment Date: 2016-05-28

Long Title: An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.

Ministry: Ministry of Corporate Affairs

Department:

Section 134: 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 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.
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