Section 111
Approval of repayment plan by creditors.
The Insolvency and Bankruptcy Code, 2016.
About this Act
An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.
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.