(1) Where the Adjudicating Authority has approved the repayment plan under section 114, such repayment plan shall-
(a) take effect as if proposed by the debtor in the meeting; and
(b) be binding on creditors mentioned in the repayment plan and the debtor.
(2) Where the Adjudicating Authority rejects the repayment plan under section 114, the debtor and the creditors shall be entitled to file an application for bankruptcy under Chapter IV.
(3) A copy of the order passed by the Adjudicating Authority under sub-section (2) shall be provided to the Board, for the purpose of recording an entry in the register referred to in section 196.
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