Section 133 - Summoning of Meeting of Creditors under the Insolvency and Bankruptcy Code 2016

Section 133 of the Insolvency and Bankruptcy Code, 2016 deals with the summoning of the meeting of creditors in the bankruptcy process. It prescribes the time for issuing notice, the creditors to whom notice must be sent and the requirements relating to proxy voting.

Twenty-one day requirement: The bankruptcy trustee must, within twenty-one days from the bankruptcy commencement date, issue notice calling a meeting to every creditor of the bankrupt appearing in the list prepared under Section 132.

Section 133 - Statutory requirements

Section 133(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 mentioned in the list prepared under Section 132.

Section 133(2)(a): The notice must state the date of the meeting of creditors, which shall not be later than twenty-one days from the bankruptcy commencement date.

Section 133(2)(b): The notice must be accompanied by forms of proxy voting.

Section 133(2)(c): The notice must specify the form and manner in which proxy voting may take place.

Section 133(3): Proxy voting, including electronic proxy voting, shall take place in such manner and form as may be specified.

Who must receive notice of the meeting?

The bankruptcy trustee must issue the notice to every creditor of the bankrupt who is mentioned in the list prepared under Section 132. The preparation of that list is therefore an important procedural step before the meeting of creditors.

Time limit for issuing notice

Section 133(1) fixes a period of twenty-one days from the bankruptcy commencement date for the bankruptcy trustee to issue the notice calling the creditors' meeting. Section 133(2)(a) also addresses the date to be stated in the notice for the meeting.

Proxy voting and electronic proxy voting

The notice must be accompanied by proxy voting forms and must explain the form and manner in which proxy voting may occur. Section 133(3) expressly includes electronic proxy voting and provides that proxy voting is to take place in the manner and form specified under the applicable legal framework.

Purpose of the creditors' meeting

The meeting brings creditors participating in the bankruptcy process together for matters dealt with under the succeeding provisions of the Code. Section 134 governs conduct of the meeting, while Section 135 deals with voting rights of creditors.

Related provisions

Section 131 - Registration of claims Section 132 - Preparation of list 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 subordinate legislation, refer to India Code, the Insolvency and Bankruptcy Board of India - Acts and the IBBI Updated Legal Framework.

Important: Bankruptcy provisions concerning individuals and partnership firms operate subject to the relevant commencement notifications and the rules and regulations applicable to the particular category of debtor. Current official material should be checked for the proceeding concerned.

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