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 109: Voting rights in meeting of creditors.
    (1) A creditor shall be entitled to vote at every meeting of the creditors in respect of the repayment plan in accordance with the voting share assigned to him.
     (2) The resolution professional shall determine the voting share to be assigned to each creditor in the manner specified by the Board.
     (3) A creditor shall not be entitled to vote in respect of a debt for an unliquidated amount.
     (4) A creditor shall not be entitled to vote in a meeting of the creditors if he—
         (a) is not a creditor mentioned in the list of creditors under section 104; or
         (b) is an associate of the debtor.
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