Section 132 - Preparation of List of Creditors under the Insolvency and Bankruptcy Code 2016

Section 132 of the Insolvency and Bankruptcy Code, 2016 requires the bankruptcy trustee to prepare a list of creditors of the bankrupt within fourteen days from the bankruptcy commencement date, using the information and claims specified by the section.

Fourteen-day requirement: The bankruptcy trustee must prepare the list of creditors within fourteen days from the bankruptcy commencement date.

Section 132 - Statutory text and requirements

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.

Purpose of the list of creditors

The list identifies creditors for the purposes of the bankruptcy process. It provides the statutory creditor base used by later provisions of the Code, including Section 133 concerning the meeting of creditors and Section 135 concerning voting rights.

Who prepares the list?

The duty under Section 132 is placed on the bankruptcy trustee. The trustee must compile the list within the statutory fourteen-day period and base it on the sources expressly identified in the section.

Bankruptcy commencement date

The fourteen-day period runs from the bankruptcy commencement date. For the bankruptcy process, this date is determined in accordance with the relevant provisions of the Code governing the bankruptcy order and commencement of bankruptcy.

Information used to prepare the list

Section 132 identifies two sources for preparation of the list. The first is information disclosed by the bankrupt in the bankruptcy application and statement of affairs referred to in the section. The second is the claims received by the bankruptcy trustee through the claims process referred to by Section 130.

Connection with Sections 131 and 133

Section 131 deals with registration of claims by creditors. Once the list of creditors is prepared under Section 132, Section 133 governs the summoning of a meeting of creditors and refers to creditors appearing in the Section 132 list.

Related provisions

Section 131 - Registration of claims Section 133 - Summoning of meeting of creditors Section 134 - Conduct of meeting of creditors Section 135 - Voting rights of creditors Section 136 - Administration and distribution Section 137 - Completion of administration

Official legal resources

For the current statutory text, commencement notifications and applicable regulations, refer to India Code, the Insolvency and Bankruptcy Board of India - Acts and the IBBI Updated Legal Framework.

Important: The bankruptcy provisions for individuals and partnership firms operate subject to the applicable commencement notifications and rules or regulations for the relevant class of debtor. The statutory text and subordinate legislation applicable to the particular proceeding should be checked.

This page is intended as a legal information resource and should be read with the current official Code, notifications, rules and regulations.