The Insolvency and Bankruptcy Code, 2016

Section 119 – The Insolvency and Bankruptcy Code, 2016

Discharge order (1) On the basis of the repayment plan, the resolution professional shall apply to the Adjudicating Authority for a discharge order in relation to the debt s mentioned in the repayment plan and the Adjudicating Authority may pass such discharge order. (2) The repayment plan may provide for – (a) early discharge; or (b) discharge on complete implementation of the repayment plan. (3) The discharge order shall be forwarded to […]

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Section 118 – The Insolvency and Bankruptcy Code, 2016

Repayment plan coming to end prematurely (1) A repayment plan shall be deemed to have come to an end prematurely if it has not been fully implemented in respect of all persons bound by it within the period as mentioned in the repayment plan. (2) Where a repayment plan comes to an end prematurely under this section, the resolution professional shall submit

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Section 117 – The Insolvency and Bankruptcy Code, 2016

Completion of repayment plan (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 has been fully implemented; and (b) a copy of a report by the resolution professional summarising all receipts

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Section 116 – The Insolvency and Bankruptcy Code, 2016

Implementation and supervision of repayment plan (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 arising under the repayment plan. (3) The Adjudicating Authority may issue directions to the resolution professional on the basis of an application under sub-section (2).

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Section 115 – The Insolvency and Bankruptcy Code, 2016

Effect of order of Adjudicating Authority on repayment plan (1) Where the Adjudicating Authority has approved the repayment plan under section 114, the repayment plan shall – (a) take effect as if proposed by the debtor in the meeting; and (b) be binding on creditors mentioned in the repayment plan and the debtor. (2) Where the Adjudicating Authority rejects the repayment plan under section 114, the debtor and the

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Section 113 – The Insolvency and Bankruptcy Code, 2016

Notice of decisions taken at meeting of creditors 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 (c) the Adjudicating Authority. Practice area’s of B K Goyal & Co LLP

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Section 112 – The Insolvency and Bankruptcy Code, 2016

Report of meeting of creditors on repayment plan (1) The resolution professional shall prepare a report of the meeting of the creditors on repayment plan. (2) The report under sub-section (1) shall contain – (a) whether the repayment plan was approved or rejected and if approved, the list the modifications, if any; (b) the resolutions which were proposed at the

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Section 111 – The Insolvency and Bankruptcy Code, 2016

Approval of repayment plan by creditors 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 the creditors. Approval of repayment plan by creditors. Practice area’s of B K Goyal & Co LLP

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Section 110 – The Insolvency and Bankruptcy Code, 2016

Rights of secured creditors in relation to repayment plan (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 plan shall forfeit his right to enforce the security during the period of the repayment plan in accordance with the

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Section 109 – The Insolvency and Bankruptcy Code, 2016

Voting rights in meeting of creditors (1) A creditor shall be entitled to vote at every meeting of the creditors in respect of the repayment plan in accordance with voting share assigned to him. (2) The resolution professional shall determine voting share to be assigned to each creditor in the manners specified by the Board. (3) A creditor shall not be entitled to vote in respect of a debt for an unliquidated amount. (4)

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