The Insolvency and Bankruptcy Code, 2016
PART III Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms
CHAPTER III Bankruptcy Order for Individuals and Partnership Firms
Section 105: Repayment plan:
*105. (1) The debtor shall prepare, in consultation with the resolution professional, a repayment plan containing a proposal to the creditors for restructuring of his debts 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 assets of the debtor; or
(c) administer or dispose of any funds of the debtor.
(3) The repayment plan shall include the following, namely:—
(a) justification for preparation of such repayment plan and reasons on the basis of which the creditors may agree upon the plan;
(b) provision for payment of fee to the resolution professional;
(c) such other matters as may be specified.
Notifications & Circulars
*Only in so far as they relate to personal guarantors to corporate debtors, shall come into force w.e.f. 01.12.2019.