(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.
(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.
आगे पढ़ें / Continue reading
Explore the next section or browse this act in the selected language.
Next · Section 138Discharge order. →All sections / सभी धाराएँThe Insolvency and Bankruptcy Code, 2016. →
More sections of this act
Section 1 · Short title, extent and commencement.Section 2 · Application.Section 3 · Definitions.Section 4 · Application of this Part.Section 5 · Definitions.Section 6 · Persons who may initiate corporate insolvency resolution process.Section 7 · Initiation of corporate insolvency resolution process by financial creditor.Section 8 · Insolvency resolution by operational creditor.India Code, Government of India. Text fetched 09 Oct 2026. Source metadata reports last modification: 2024-07-25. Check the linked official text and subsequent notifications when applying a provision.