Approval of repayment plan by creditors The repayment plan or any modification to the repayment plan shall be approved by a majority of more than three-fourth in value of the creditors present in person or by proxy and voting on the resolution in a meeting of the creditors. Approval of repayment plan by creditors. Practice area’s of B K Goyal & Co LLP […]
Rights of secured creditors in relation to repayment plan (1) Secured creditors shall be entitled to participate and vote in the meetings of the creditors. (2) A secured creditor participating in the meetings of the creditors and voting in relation to the repayment plan shall forfeit his right to enforce the security during the period of the repayment plan in accordance with the
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 voting share assigned to him. (2) The resolution professional shall determine voting share to be assigned to each creditor in the manners specified by the Board. (3) A creditor shall not be entitled to vote in respect of a debt for an unliquidated amount. (4)
The Shop and Establishment Act regulates the shops and commercial establishments operating within the state. Every state has its own Shop and Establishment Act (“Act”). However, the general provisions of the Act are the same in all states. The Labour Department of the respective states implements the Shop and Establishment Act. Shops are generally defined under the Act as the premises where the selling
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
Taxes collected from citizens are the foundation of the Indian economy. NRI taxation under the Indian Income Tax Act, 1961 applies to those earning income outside the home country. The income tax rules and perks allowed to them are drastically different from those applicable to resident Indians. The income of a non-resident Indian (NRI) earned
Digital India Program is a programme launched by Honourable Prime Minister Narendra Modi to promote digital mediums and technology across the nation. As an implementation step of the Digital India Programme, the Central Government started Common Services Centres (CSC) throughout the country. This article presents the services that are rendered by the Digital Seva Common
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
Report of resolution professional on repayment plan (1) The resolution professional shall submit the repayment plan under section 105 along with his report on such plan to the Adjudicating Authority within a period of twenty-one days from the last date of submission of claims under section 102. (2) The report referred in sub-section (1) shall include that- (a) the repayment plan is in compliance with the provisions of
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 debt s 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
CA Bhuvnesh Kumar Goyal
Chartered Accountants
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