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 108: Conduct of meeting of creditors.
    (1) The meeting of the creditors shall be conducted in accordance with the provisions of this section and sections 109,110 and 111.
     (2) In the meeting of the creditors, the creditors may decide to approve, modify or reject the repayment plan.
     (3) The resolution professional shall ensure that if modifications are suggested by the creditors, consent of the debtor shall be obtained for each modification.
     (4) The resolution professional may for a sufficient cause adjourn the meeting of the creditors for a period of not more than seven days at a time.
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