Completion of repayment plan Section 117: Completion of repayment plan. *117. (1) The resolution professional shall within fourteen days of the completion of the repayment plan, forward to the persons who are bound by the repayment plan under section 115 and the Adjudicating Authority, the following documents, namely:— (a) a notice that the repayment plan … Read more

Implementation and supervision of repayment plan Section 116: Implementation and supervision of repayment plan. *116. (1) The resolution professional appointed under section 97 or under section 98 shall supervise the implementation of the repayment plan. (2) The resolution professional may apply to the Adjudicating Authority for directions, if necessary, in relation to any particular matter … Read more

Effect of order of Adjudicating Authority on repayment plan Section 115: Effect of order of Adjudicating Authority on repayment plan. *115. (1) Where the Adjudicating Authority has approved the repayment plan under section 114, such repayment plan shall— (a) take effect as if proposed by the debtor in the meeting; and (b) be binding on … Read more

Order of Adjudicating Authority on repayment plan Section 114: Order of Adjudicating Authority on repayment plan. 114. (1) The Adjudicating Authority shall by an order approve or reject the repayment plan on the basis of the report of the meeting of the creditors submitted by the resolution professional under section 112: Provided that where a … Read more

Notice of decisions taken at meeting of creditors Section 113: Notice of decisions taken at meeting of creditors. *113. The resolution professional shall provide a copy of the report of the meeting of creditors prepared under section 99 to— (a) the debtor; (b) the creditors, including those who were not present at the meeting; and … Read more

Report of meeting of creditors on repayment plan Section 112: Report of meeting of creditors on repayment plan. *112. (1) The resolution professional shall prepare a report of the meeting of the creditors on the repayment plan. (2) The report under sub-section (1) shall contain: (a) whether the repayment plan was approved or rejected and … Read more

Approval of repayment plan by creditors Section 111: Approval of repayment plan by creditors. *111. The repayment plan or any modification to the repayment plan shall be approved by a majority of more than three-fourth in value of the creditors present in person or by proxy and voting on the resolution in a meeting of … Read more

Rights of secured creditors in relation to repayment plan Section 110: Rights of secured creditors in relation to repayment plan. *110. (1) Secured creditors shall be entitled to participate and vote in the meetings of the creditors. (2) A secured creditor participating in the meetings of the creditors and voting in relation to the repayment … Read more

Voting rights in meeting of creditors Section 109: Voting rights in meeting of creditors. *109. (1) A creditor shall be entitled to vote at every meeting of the creditors in respect of the repayment plan in accordance with the voting share assigned to him. (2) The resolution professional shall determine the voting share to be … Read more

Conduct of meeting of creditors Section 108: Conduct of meeting of creditors. *108. (1) The meeting of the creditors shall be conducted in accordance with the provisions of this section and sections 109, 110, and 111. (2) In the meeting of the creditors, the creditors may decide to approve, modify, or reject the repayment plan. … Read more