Sections 133 explained: this guide covers what it means, who it applies to, the step-by-step process, documents required, fees, due dates and penalties in India — so you can stay compliant with confidence and avoid costly mistakes.
In a bankruptcy, the first meeting of creditors is where the committee of creditors is set up. Section 133 tells the bankruptcy trustee how soon to summon it, section 134 how to conduct it, and section 135 who may vote and how. This article reads the three sections as printed in the IBBI consolidated text of the Code amended up to 12 August 2021. A creditor preparing for this meeting can discuss voting and proxy arrangements with our recovery suit team.
Within twenty-one days from the bankruptcy commencement date the bankruptcy trustee issues a notice calling the meeting to every creditor on the section 132 list, and the meeting must be held not later than twenty-one days from that date. The trustee convenes it, decides the quorum, may conduct it only if the quorum is present, and cannot adjourn it for more than seven days at a time. The business is the establishment of a committee of creditors and any other business he thinks fit. A creditor votes by voting share, but not for an unliquidated debt, not if off the list or not given notice, and not if an associate of the bankrupt.
Section 133: summoning the meeting
Notice (sub-section (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." The list under section 132 is due within fourteen days from the same date; see our article on sections 130 to 132. Section 79 defines the bankruptcy commencement date as the date of the bankruptcy order under section 126.
Contents of the notice (sub-section (2)). The notices "shall":
| Clause | Requirement |
|---|---|
| (a) | State the date of the meeting of the creditors, "which shall not be later than twenty-one days from the bankruptcy commencement date" |
| (b) | Be accompanied with forms of proxy voting |
| (c) | Specify the form and manner in which the proxy voting may take place |
Proxy voting (sub-section (3)). "The proxy voting, including electronic proxy voting shall take place in such manner and form as may be specified." Who specifies, and what, is not stated in the section and is not in the texts consulted. The Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 is the regulation set for bankruptcy of personal guarantors; the copy consulted is amended up to 02-06-2026. No rules or regulations on other individuals or on partnership firms are in the texts consulted.
A timing point. Both the issue of the notice (sub-section (1)) and the date of the meeting (sub-section (2)(a)) are tied to the same twenty-one days. The section prints no minimum notice period between the two. A trustee who issues the notice late in the window therefore leaves little time. Compare section 107(1) in the insolvency resolution process, which requires at least fourteen days' notice of the creditors' meeting; see our article on sections 107 to 109. Section 133 does not say how the two limits in the bankruptcy process fit together, and this article does not add a rule.
Section 134: conduct of the meeting
- Convener (sub-section (1)). "The bankruptcy trustee shall be the convener of the meeting of the creditors summoned under section 133."
- Quorum (sub-section (2)). "The bankruptcy trustee shall decide the quorum for the meeting of the creditors, and conduct the meeting only if the quorum is present." The Code leaves the quorum to the trustee's decision; the section prints no figure.
- Business (sub-section (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."
- Minutes (sub-section (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."
- Adjournment (sub-section (5)). "The bankruptcy trustee shall not adjourn the meeting of the creditors for any purpose for more than seven days at a time."
The committee of creditors established here is the body whose approvals run through later stages, such as the distribution of property under section 153 and the report of the administration under section 137; see our articles on the committee's approval under section 153 and on sections 136 and 137. Section 134 does not say how many members the committee has or how they are chosen; it lists the establishment of the committee as business and leaves the detail elsewhere.
Section 135: voting rights
Who may vote (sub-section (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."
Voting share (sub-section (2)). "The resolution professional shall determine the voting share to be assigned to each creditor in the manner specified by the Board."
Printing point: sub-section (2) names "the resolution professional", although in this Chapter the meeting is run by the bankruptcy trustee. The same sentence appears in section 109(2) for the insolvency resolution process. It is quoted as printed and read here as a reference to the person who runs the process; the text does not say so in terms.
Unliquidated debts (sub-section (3)). "A creditor shall not be entitled to vote in respect of a debt for an unliquidated amount."
Who may not vote (sub-section (4)). The following creditors "shall not be entitled to vote under this section":
- (a) "creditors who are not mentioned in the list of creditors under section 132 and those who have not been given a notice by the bankruptcy trustee"; and
- (b) "creditors who are associates of the bankrupt."
| Question | Answer under sections 133 to 135 |
|---|---|
| Who calls the meeting? | The bankruptcy trustee |
| By when is the notice issued? | Within twenty-one days from the bankruptcy commencement date |
| Latest date of the meeting? | Not later than twenty-one days from that date |
| Who decides the quorum? | The bankruptcy trustee |
| Longest adjournment | Seven days at a time |
| Who has no vote? | Holders of unliquidated debts, creditors off the list or not given notice, associates of the bankrupt |
Example. A bankruptcy order is passed against Devendra Kulkarni. The bankruptcy trustee issues notices to all creditors on the section 132 list, with proxy forms, and fixes the meeting within the twenty-one days. He decides the quorum and, finding it present, conducts the meeting. A creditor, Sapna Traders, whose claim arrived after the list was prepared and who got no notice cannot vote. A creditor that is an associate of Devendra, as section 79 defines the term, cannot vote either. The creditors establish a committee of creditors, and the trustee records and signs the minutes.
The Amendment Act, 2026
The Insolvency and Bankruptcy Code (Amendment) Act, 2026 (No. 6 of 2026) does not amend sections 133, 134 or 135 as printed in the texts consulted. The Amendment Act, 2026 comes into force on the date or dates the Central Government notifies; the notification is not in the texts consulted, so check whether any change in Part III has been notified.
Amendments and notifications made after 12 August 2021, other than the Amendment Act, 2026, are not in the texts consulted and should be checked.
Need help with voting in a bankruptcy?
Your vote depends on being on the list, receiving notice and having a voting share that is not excluded. Our recovery suit team can check your position, prepare a proxy and advise on how to use your vote in the committee of creditors.
Key takeaways
- The trustee issues notice within twenty-one days from the bankruptcy commencement date; the meeting is not later than twenty-one days from that date.
- The trustee convenes, decides the quorum and records minutes.
- The establishment of the committee of creditors is the first item of business.
- Adjournment is capped at seven days at a time.
- No vote for unliquidated debts, creditors off the list or not given notice, or associates of the bankrupt.
- Section 135(2) names the resolution professional where the trustee is evidently meant.
Read next
- Sections 136 and 137: administration of the estate and completion of administration
- Sections 130 to 132: public notice, registration of claims and list of creditors
- Committee approval under section 153 and the distribution of property
- Sections 107 to 109: the meeting of creditors on a repayment plan
Disclaimer: Based on the IBBI consolidated text of the Insolvency and Bankruptcy Code, 2016 amended up to 12 August 2021 and on the Insolvency and Bankruptcy Code (Amendment) Act, 2026 (No. 6 of 2026), which comes into force on the date or dates notified by the Central Government, as consulted on 2 October 2026. It explains the words of the statute only; commencement notifications, other amendments made after 12 August 2021, notified thresholds, the rules and IBBI regulations, and the way tribunals and courts apply these sections should be checked. This article is general information, not legal advice; check the official text before acting.