Summoning of meeting of creditors Section 107: Summoning of meeting of creditors. *107. (1) The resolution professional shall issue a notice calling the meeting of the creditors at least fourteen days before the date fixed for such meeting. (2) The resolution professional shall send the notice of the meeting to the list of creditors prepared … Read more

Report of resolution professional on repayment plan Section 106: Report of resolution professional on repayment plan. *106. (1) The resolution professional shall submit the repayment plan under section 105 along with his report on such plan to the Adjudicating Authority within a period of twenty-one days from the last date of submission of claims under … Read more

Repayment plan Section 105: Repayment plan. *105. (1) The debtor shall prepare, in consultation with the resolution professional, a repayment plan containing a proposal to the creditors for restructuring of his debts or affairs. (2) The repayment plan may authorise or require the resolution professional to— (a) carry on the debtor’s business or trade on … Read more

Preparation of list of creditors Section 104: Preparation of list of creditors. *104. (1) The resolution professional shall prepare a list of creditors on the basis of— (a) the information disclosed in the application filed by the debtor under section 94 or 95, as the case may be; (b) claims received by the resolution professional … Read more

Registering of claims by creditors Section 103: Registering of claims by creditors. *103. (1) The creditors shall register claims with the resolution professional by sending details of the claims by way of electronic communications or through courier, speed post or registered letter. (2) In addition to the claims referred to in sub-section (1), the creditor … Read more

Public notice and claims from creditors Section 102: Public notice and claims from creditors. *102. (1) The Adjudicating Authority shall issue a public notice within seven days of passing the order under section 100 inviting claims from all creditors within twenty-one days of such issue. (2) The notice under sub-section (1) shall include— (a) details … Read more

Moratorium Section 101: Moratorium. *101. (1) When the application is admitted under section 100, a moratorium shall commence in relation to all the debts and shall cease to have effect at the end of the period of one hundred and eighty days beginning with the date of admission of the application or on the date … Read more

Admission or rejection of application Section 100: Admission or rejection of application. *100. (1) The Adjudicating Authority shall, within fourteen days from the date of submission of the report under section 99 pass an order either admitting or rejecting the application referred to in section 94 or 95, as the case may be. (2) Where … Read more

Submission of report by resolution professional Section 99: Submission of report by resolution professional. *99. (1) The resolution professional shall examine the application referred to in section 94 or section 95, as the case may be, within ten days of his appointment, and submit a report to the Adjudicating Authority recommending for approval or rejection … Read more

Replacement of resolution professional Section 98: Replacement of resolution professional. *98. (1) Where the debtor or the creditor is of the opinion that the resolution professional appointed under section 97 is required to be replaced, he may apply to the Adjudicating Authority for the replacement of the such resolution professional. (2) The Adjudicating Authority shall … Read more