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 107: Summoning of meeting of creditors.
    (1) The resolution professional shall issue a notice calling the meeting of the creditors at least fourteen days before the date fixed for such meeting.
     (2) The resolution professional shall send the notice of the meeting to the list of creditors prepared under section 104.
    (3) The notice sent under sub-section (1) shall state the address of the Adjudicating Authority to which the repayment plan and report of the resolution professional on the repayment plan has been submitted and shall be accompanied by—
         (a) a copy of the repayment plan;
         (b) a copy of the statement of affairs of the debtor;
         (c) a copy of the said report of the resolution professional; and
         (d) forms for proxy voting.
     (4) The proxy voting, including electronic proxy voting shall take place in such manner and form as may be specified.
Notes:
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