Act Number: 31

Act Name: The Insolvency and Bankruptcy Code, 2016.

Year: 2016

Enactment Date: 2016-05-28

Long Title: 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.

Ministry: Ministry of Corporate Affairs

Department:

Section 105: Repayment plan.
    (1) The debtor shall prepare, in consultation with the resolution professional, a repayment plan containing a proposal to the creditors for restructuring of his debts or affairs.
     (2) The repayment plan may authorise or require the resolution professional to—
         (a) carry on the debtor's business or trade on his behalf or in his name; or
         (b) realise the assets of the debtor; or
         (c) administer or dispose of any funds of the debtor.
     (3) The repayment plan shall include the following, namely:—
         (a) justification for preparation of such repayment plan and reasons on the basis of which the creditors may agree upon the plan;
         (b) provision for payment of fee to the resolution professional;
         (c) such other matters as may be specified
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