Section 112 of IBC : Section 112: Report Of Meeting Of Creditors On Repayment Plan
IBC
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Explanation using Example
Imagine a small manufacturing company, XYZ Pvt. Ltd., is facing financial distress and has filed for insolvency under The Insolvency and Bankruptcy Code, 2016. The creditors of the company come together to discuss a repayment plan that would allow the company to continue its operations while repaying its debts over time.
The resolution professional, appointed to manage the company's insolvency process, conducts a meeting with all the creditors. In this meeting, various repayment plans are proposed, and after negotiations, a plan is approved with certain modifications, such as extended payment terms and reduced interest rates.
After the meeting, t...
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