The Insolvency and Bankruptcy Code, 2016

Conduct of meeting of creditors (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. (3) The resolution professional shall ensure that if modifications are suggested by the creditors, consent […]

Report of resolution professional on repayment plan (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 section 102. (2) The report referred in sub-section (1) shall include that- (a) the repayment plan is in compliance with the provisions of

Repayment plan (1) The debtor shall prepare, in consultation with the resolution professional, a repayment plan containing a proposal to the creditors for restructuring of his debt s or affairs. (2) The repayment plan may authorise or require the resolution professional to – (a) carry on the debtor’s business or trade on his behalf or in his name; or (b) realise the

Preparation of list of creditors (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 under section 102. (2) The resolution professional shall prepare the list mentioned in sub-section (1) within thirty days from

Registering of claims by creditors (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 shall provide to the resolution professional, personal information and such particulars as may be prescribed. Practice area’s of B K

Public notice and claims from creditors (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 of the order admitting the application; (b) particulars of the resolution professional with whom the claims are to

Moratorium (1) When the application is admitted under section 100, a moratorium shall commence in relation to all the debt s 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 the Adjudicating Authority passes an order

Admission or rejection of application (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 the Adjudicating Authority admits an application under sub-section (1), it may, on the request of the resolution professional,

Submission of report by resolution professional (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 of the application. (2) Where the application has been filed under section 95, the resolution professional may require the

Replacement of resolution professional (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, within seven days of the receipt of the application under sub-section (1) make a reference to the Board for replacement