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

In a bankruptcy process of an individual, creditors have been summoned to a meeting under section 133. Who convenes this meeting, according to section 134?

The bankruptcy trustee convenes the meeting of creditors summoned under section 133. Section 134(1) places this duty on the trustee, not on the Adjudicating Authority, the Board or any creditor, however large its debt may be.

  1. AThe Adjudicating Authority
  2. BThe bankruptcy trusteeCorrect
  3. CThe Insolvency and Bankruptcy Board of India
  4. DThe largest secured creditor

Explanation

Section 134(1) provides that the bankruptcy trustee is the convener of the meeting of creditors summoned under section 133. The Adjudicating Authority and the Board do not convene it. A creditor's size gives no right to convene.

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