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of <h1>Trustee Must Convene Creditors' Meeting Post-Administration to Approve Report and Decide Release Under Section 148.</h1> The bankruptcy trustee must call a meeting of the committee of creditors upon completing the administration and distribution of a bankrupt individual's or partnership firm's estate, as per the Insolvency and Bankruptcy Code, 2016. During this meeting, the trustee presents a report on the estate's administration. The committee must approve this report within seven days and decide on the trustee's release under section 148. The trustee is required to retain sufficient funds from the estate to cover the meeting's expenses. This provision came into effect on December 1, 2019.
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