Repayment plan prematurely ending triggers a report, adjudicating authority order and entitlement to apply for bankruptcy. A repayment plan is deemed to have ended prematurely if not fully implemented within its specified period. The resolution professional must report receipts and payments, reasons for premature termination, and creditors with unsatisfied claims to the Adjudicating Authority, which will order that the plan has not been completely implemented. The debtor or an affected creditor may apply for a bankruptcy order, and the Adjudicating Authority must forward the report and order to persons bound by the plan and send any bankruptcy-order-related order to the Board for registration.
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 prematurely ending triggers a report, adjudicating authority order and entitlement to apply for bankruptcy.
A repayment plan is deemed to have ended prematurely if not fully implemented within its specified period. The resolution professional must report receipts and payments, reasons for premature termination, and creditors with unsatisfied claims to the Adjudicating Authority, which will order that the plan has not been completely implemented. The debtor or an affected creditor may apply for a bankruptcy order, and the Adjudicating Authority must forward the report and order to persons bound by the plan and send any bankruptcy-order-related order to the Board for registration.
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