Section 113 in The Insolvency and Bankruptcy Code, 2016

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.

Title: Implementation and supervision of repayment plan.

Description: (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).

Title: Completion of repayment plan.

Description: (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 and payments made in pursuance of the repayment plan and extent of the implementation of such plan as compared with the repayment plan approved by the meeting of the creditors. (2) The resolution professional may apply to the Adjudicating Authority to extend the time mentioned in sub-section (1) for such further period not exceeding seven days.

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