Section 111 in The Insolvency and Bankruptcy Code, 2016

Title: Approval of repayment plan by creditors.

Description: 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.

Title: Report of meeting of creditors on repayment plan.

Description: (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 meeting and the decision on such resolutions; (c) list of the creditors who were present or represented at the meeting, and the voting records of each creditor for all meetings of the creditors; and (d) such other information as the resolution professional thinks appropriate to make known to the Adjudicating Authority.

Title: Notice of decisions taken at meeting of creditors.

Description: 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.

Title: Order of Adjudicating Authority on repayment plan.

Description: (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 meeting of creditors is not summoned, the Adjudicating Authority shall pass an order on the basis of the report prepared by the resolution professional under section 106. (2) The order of the Adjudicating Authority approving the repayment plan may also provide for directions for implementing the repayment plan. (3) Where the Adjudicating Authority is of the opinion that the repayment plan requires modification, it may direct the resolution professional to re-convene a meeting of the creditors for reconsidering the repayment plan.

Title: Effect of order of Adjudicating Authority on repayment plan.

Description: (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 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 creditors shall be entitled to file an application for bankruptcy under Chapter IV. (3) A copy of the order passed by the Adjudicating Authority under sub-section (2) shall be provided to the Board, for the purpose of recording an entry in the register referred to in section 196.

PART 3 INSOLVENCY RESOLUTION AND BANKRUPTCY FOR INDIVIDUALS AND PARTNERSHIP FIRMS CHAPTER 3 INSOLVENCY RESOLUTION PROCESS