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.
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