Section 134 of the Insolvency and Bankruptcy Code, 2016: Conduct of Meeting of Creditors
Section 134 lays down who convenes a meeting of creditors during bankruptcy, when the meeting can proceed, the business that may be considered, how minutes must be maintained, and the maximum duration of an adjournment.
Section 134: Statutory provisions
The following reproduces the five substantive requirements of Section 134 in a readable format.
134(1). The bankruptcy trustee shall be the convener of the meeting of the creditors summoned under section 133.
134(2). The bankruptcy trustee shall decide the quorum for the meeting of the creditors, and conduct the meeting only if the quorum is present.
134(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.
134(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.
134(5). The bankruptcy trustee shall not adjourn the meeting of the creditors for any purpose for more than seven days at a time.
Primary source: India Code - Insolvency and Bankruptcy Code, 2016 (official PDF).
Meaning and practical application
1. Bankruptcy trustee as convener - Section 134(1)
The bankruptcy trustee is responsible for convening the meeting called under Section 133. This is a meeting in the bankruptcy process, not a corporate insolvency resolution process meeting under Part II of the Code.
2. Quorum - Section 134(2)
Quorum means the minimum participation required for a meeting to validly proceed. Section 134 places responsibility for deciding the quorum on the bankruptcy trustee and prohibits conducting the meeting unless that quorum is present. Applicable IBBI regulations should also be consulted for the particular category of debtor and type of meeting.
3. Resolutions and committee of creditors - Section 134(3)
Creditors may consider establishing a committee of creditors and other matters the trustee considers suitable for the meeting. A resolution is a formal decision put to the eligible creditors for voting, subject to the Code and applicable regulations. Voting entitlement is governed separately by Section 135.
4. Signed minutes - Section 134(4)
Minutes are the official written record of meeting proceedings and decisions. The trustee must ensure they are recorded, signed and retained with the bankruptcy records. The requirement helps establish what was discussed, voted on and decided.
5. Adjournment limit - Section 134(5)
An adjournment is a temporary suspension of a meeting to continue later. Under Section 134(5), the trustee must not adjourn a creditors meeting for more than seven days at a time. This statutory rule should be read alongside any applicable procedural regulations.
Related stages of the bankruptcy process
| Provision | Subject | Practical significance |
|---|---|---|
| Section 130 | Public notice inviting claims | Initiates notification of creditors. |
| Section 131 | Registration of claims | Creditors submit claim details to the trustee. |
| Section 132 | List of creditors | Trustee prepares the creditors list. |
| Section 133 | Summoning the meeting | Addresses notice and proxy voting arrangements. |
| Section 134 | Conduct of meeting | Convener, quorum, resolutions, minutes and adjournment. |
| Section 135 | Voting rights | Determines who may vote and the applicable voting share. |
Applicable rules and official references
For bankruptcy proceedings concerning personal guarantors to corporate debtors, the IBBI (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, as amended, provide additional procedural detail concerning creditors committees, meetings, quorum, participation, minutes and voting. These committee-meeting rules should not automatically be treated as identical to the initial meeting under Section 134.
Check the IBBI official legal framework and latest consolidated regulations for amendments, including the consolidated regulations listed as amended up to 2 June 2026. The applicability of Part III provisions and notifications should be checked for the relevant debtor category.
Frequently asked questions
Who convenes the meeting under Section 134?
The bankruptcy trustee convenes the meeting of creditors summoned under Section 133.
Can the meeting proceed without quorum?
No. Section 134(2) requires the trustee to conduct the meeting only if the required quorum is present.
What business may be transacted?
The creditors may consider establishing a committee of creditors and other business the bankruptcy trustee considers fit to transact.
Must meeting minutes be preserved?
Yes. Section 134(4) requires minutes to be recorded, signed and retained as part of the bankruptcy process records.
How long can the meeting be adjourned?
Not for more than seven days at a time under Section 134(5).
Read the Insolvency and Bankruptcy Code
The Insolvency and Bankruptcy Code, 2016 - Section-wise guide
Updated: 23 October 2026. This article provides general legal information and does not replace advice on an individual bankruptcy proceeding.