Section 132 of IBC 2016: Preparation of List of Creditors
Section 132 requires the bankruptcy trustee to prepare a list of the bankrupt person's creditors within fourteen days from the bankruptcy commencement date. The list supports creditor participation in the subsequent bankruptcy process.
Text of Section 132 - Preparation of list of creditors
132. The bankruptcy trustee shall, within fourteen days from the bankruptcy commencement date, prepare a list of creditors of the bankrupt on the basis of-
(a) the information disclosed by the bankrupt in the application for bankruptcy filed by the bankrupt under section 118 and the statement of affairs filed under section 125; and
(b) claims received by the bankruptcy trustee under sub-section (2) of section 130.
The wording above reproduces the published statutory provision, including its internal section references. For operative filing requirements, consult the consolidated Code and applicable rules and regulations linked below.
Meaning and purpose of Section 132
A bankruptcy trustee is the insolvency professional appointed to administer the bankrupt's estate in accordance with the Code. A creditor is a person to whom a debt is owed, within the meaning of Section 3(10) of the Code. The bankruptcy commencement date is linked to the bankruptcy order under the relevant provisions of Part III.
The list consolidates information about persons claiming amounts from the bankrupt. It is an important procedural record for sending notices, organizing creditor meetings and taking subsequent steps. Inclusion on the list should not, by itself, be confused with final admission of a claim, proof of debt or a decision on distribution.
Information used to prepare the list
- Debtor-provided disclosures: Information supplied in the bankruptcy application and the bankrupt's financial or affairs statements, as identified in the statutory text.
- Creditor claims: Claims submitted in response to the notice process, subject to the applicable statutory provisions, rules and regulations.
- Reconciliation: The trustee should examine the records and identify discrepancies, duplicates or missing particulars in accordance with the governing framework.
Related statutory timeline
| Provision | Requirement | Period |
|---|---|---|
| Section 130 | Public notice inviting creditors' claims and prescribed notices | Notices to identified creditors within 10 days of commencement |
| Section 131 | Creditors register claims with the bankruptcy trustee | Within 7 days of publication of public notice |
| Section 132 | Bankruptcy trustee prepares list of creditors | Within 14 days of commencement |
| Section 133 | Notice calling a creditors' meeting | Within 21 days of commencement, subject to statutory wording |
| Section 171 | Notice requiring creditors to submit proof of debt | Within 14 days after preparation of the Section 132 list |
These deadlines have different triggering events. The publication date of the public notice and the bankruptcy commencement date should not be treated as interchangeable.
Practical implications for creditors and trustees
For creditors
Watch for the public notice, submit the required claim details and supporting documents in the prescribed form and manner, and retain evidence of submission. Respond promptly to any request for proof of debt or clarification.
For bankruptcy trustees
Maintain an accurate record of claims and debtor disclosures, check for duplication and conflicting information, document the preparation date, and use the list for subsequent statutory notices. Applicable regulations may impose further requirements concerning forms, records and procedure.
Related provisions and official legal sources
- Section 130: Public notice inviting claims from creditors.
- Section 131: Registration of claims by creditors.
- Section 133: Summoning of meeting of creditors.
- Section 171: Proof of debt after preparation of the creditor list.
- Insolvency and Bankruptcy Code, 2016 - official India Code text.
- IBBI legal framework - current regulations and amendments, including the Bankruptcy Process for Personal Guarantors to Corporate Debtors Regulations, 2019, as amended.
- Ministry of Corporate Affairs - IBC reference text (historical version; check subsequent amendments).
Frequently asked questions
Who prepares the list of creditors under Section 132?
The bankruptcy trustee appointed in the bankruptcy process prepares the list.
What is the deadline for preparing the list?
Fourteen days from the bankruptcy commencement date, as specified by Section 132.
Does appearing on the list establish a final entitlement to payment?
No. The list is a procedural step; proof, verification, priority and distribution are governed by other provisions of the Code and applicable regulations.
Where can I find updated bankruptcy regulations?
Consult the IBBI legal framework portal for applicable amendments and consolidated regulations.
Updated: 23 October 2026. This article is general legal information, not a substitute for advice on a particular bankruptcy proceeding.