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