Section 111 of IBC – Insolvency and Bankruptcy Code, 2016 : Approval of repayment plan by creditors

The Insolvency and Bankruptcy Code, 2016

Part-III Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms

Chapter-III Insolvency Resolution Process

Section 111: Approval of repayment plan by creditors.

*111. 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.


Reference

*Only in so far as they relate to personal guarantors to corporate debtors, came into force w.e.f. 01.12.2019.


Access complete Bare Act here and Notification and Circular here.

IBC Laws specifically does not make any warranties or representations as to the accuracy, completeness or adequacy of any such Material or the same being up-to-date. IBC Laws periodically updates the Material on this Site whenever amendments are made by Parliament. Refer disclaimer here.

Leave a Reply

Your email address will not be published. Required fields are marked *