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.
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.
Provisions expressly mentioned in the judgment/order text.
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.
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