(1) The Adjudicating Authority shall by an order approve or reject the repayment plan on the basis of the report of the meeting of the creditors submitted by the resolution professional under section 112:
Provided that where a meeting of creditors is not summoned, the Adjudicating Authority shall pass an order on the basis of the report prepared by the resolution professional under section 106.
(2) The order of the Adjudicating Authority approving the repayment plan may also provide for directions for implementing the repayment plan.
(3) Where the Adjudicating Authority is of the opinion that the repayment plan requires modification, it may direct the resolution professional to re-convene a meeting of the creditors for reconsidering the repayment plan.
Insolvency and Bankruptcy Code 2016
Section 111 Approval of repayment plan by creditors
Section 112 Report of meeting of creditors on repayment plan
Section 113 Notice of decisions taken at meeting of creditors
Section 114 Order of Adjudicating Authority on repayment plan
Section 115 Effect of order of Adjudicating Authority on repayment plan
Section 116 Implementation and supervision of repayment plan
Section 117 Completion of repayment plan
Section 118 Repayment plan coming to end prematurely