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 112: Report of meeting of creditors on repayment plan.
    (1) The resolution professional shall prepare a report of the meeting of the creditors on repayment plan.
     (2) The report under sub-section (1) shall contain—
         (a) whether the repayment plan was approved or rejected and if approved, the list the modifications, if any;
         (b) the resolutions which were proposed at the meeting and the decision on such resolutions;
         (c) list of the creditors who were present or represented at the meeting, and the voting records of each creditor for all meetings of the creditors; and
         (d) such other information as the resolution professional thinks appropriate to make known to the Adjudicating Authority.
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