Repayment plan effect: approval binds debtor and named creditors; rejection permits bankruptcy filing and Board notification. Where the Adjudicating Authority approves a repayment plan under section 114, the plan takes effect as if proposed by the debtor and is binding on the debtor and the creditors named in the plan. If the Authority rejects the plan, the debtor and creditors may file for bankruptcy under Chapter IV, and the rejection order must be sent to the Board for registration under section 196.
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 effect: approval binds debtor and named creditors; rejection permits bankruptcy filing and Board notification.
Where the Adjudicating Authority approves a repayment plan under section 114, the plan takes effect as if proposed by the debtor and is binding on the debtor and the creditors named in the plan. If the Authority rejects the plan, the debtor and creditors may file for bankruptcy under Chapter IV, and the rejection order must be sent to the Board for registration under section 196.
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