LawgistThe Insolvency and Bankruptcy Code
115Effect of order of Adjudicating Authority on repayment plan
(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.
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CHAPTER III INSOLVENCY RESOLUTION PROCESS
- 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
