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CS Professional · Corporate Restructuring, Valuation and Insolvency · Convening and Conduct of Meetings of Committee of Creditors

At the Section 137 meeting, what is the committee of creditors required to determine in addition to approving the trustee's report?

Along with approving the bankruptcy trustee's administration report within seven days, the committee of creditors must determine whether the trustee should be released under section 148. The section does not deal with imprisonment, quorum changes or forming a new committee.

  1. AWhether the bankruptcy trustee should be released under section 148Correct
  2. BWhether the bankrupt should be sent to prison
  3. CWhether the quorum for creditors' meetings should be changed
  4. DWhether a new committee of creditors should be established

Explanation

Section 137(3) states that the committee approves the report within seven days and determines whether the trustee should be released under section 148. The other matters are not part of this provision.

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