Repayment plan reporting under insolvency law requires creditor meeting notice, compliance review, and timely submission. The resolution professional must submit the repayment plan with a report to the Adjudicating Authority within twenty-one days of the last date for ... Summary
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Repayment plan reporting under insolvency law requires creditor meeting notice, compliance review, and timely submission.
The resolution professional must submit the repayment plan with a report to the Adjudicating Authority within twenty-one days of the last date for submission of claims. The report must confirm compliance with applicable law, the plan's reasonable prospect of approval and implementation, and whether a creditors' meeting is necessary, with reasons if no meeting is recommended. If no repayment plan is submitted, the process is to be terminated, and bankruptcy application rights arise. For a personal guarantor, the creditors' meeting must be summoned by written notice.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.