106Report 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 any law for the time being in force;
(b) the repayment plan has a reasonable prospect of being approved and implemented; and
(c) there is a necessity of summoning a meeting of the creditors, if required, to consider the repayment plan:
Provided that where the resolution professional recommends that a meeting of the creditors is not required to be summoned, reasons for the same shall be provided.
(3) The report referred to in sub-section (2) shall also specify the date on which, and the time and place at which, the meeting should be held if he is of the opinion that a meeting of the creditors should be summoned.
(4) For the purposes of sub-section (3)—
(a) the date on which the meeting is to be held shall be not less than fourteen days and not more than twenty eight days from the date of submission of report under sub-section (1);
(b) the resolution professional shall consider the convenience of creditors in fixing the date and venue of the meeting of the creditors.
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- 94 Application by debtor to initiate insolvency resolution process
- 95 Application by creditor to initiate insolvency resolution process
- 96 Interim moratorium
- 97 Appointment of resolution professional
- 98 Replacement of resolution professional
- 99 Submission of report by resolution professional
- 100 Admission or rejection of application
- 101 Moratorium
- 102 Public notice and claims from creditors
- 103 Registering of claims by creditors
- 104 Preparation of list of creditors
- 105 Repayment plan
- 106 Report of resolution professional on repayment plan
- 107 Summoning of meeting of creditors
- 108 Conduct of meeting of creditors
- 109 Voting rights in meeting of creditors
- 110 Rights of secured creditors in relation to repayment plan
- 111 Approval of repayment plan by creditors
- 112 Report of meeting of creditors on repayment plan
- 113 Notice of decisions taken at meeting of creditors
- 114 Order of Adjudicating Authority on repayment plan
- 115 Effect of order of Adjudicating Authority on repayment plan
- 116 Implementation and supervision of repayment plan
- 117 Completion of repayment plan
- 118 Repayment plan coming to end prematurely
- 119 Discharge order
- 120 Standard of conduct