Section 116 of The Insolvency and Bankruptcy Code, 2016. in hindi
- (1)The resolution professional appointed under section 97 or under section 98 shall supervise the implementation of the repayment plan.
- (2)The resolution professional may apply to the Adjudicating Authority for directions, if necessary, in relation to any particular matter arising under the repayment plan.
- (3)The Adjudicating Authority may issue directions to the resolution professional on the basis of an application under sub-section (2).
Summary
- The resolution professional, who is the professional appointed to manage the repayment process, is responsible for supervising how the repayment plan is carried out.
- This resolution professional can make an application to the Adjudicating Authority, which is the Debt Recovery Tribunal, to ask for specific instructions or directions if any issue or question comes up while carrying out the repayment plan.
- The Adjudicating Authority, which is the Debt Recovery Tribunal, has the power to issue these instructions or directions to the resolution professional after receiving their application.
Practical examples
FAQ
1. Who is responsible for supervising the implementation of a repayment plan under Section 116 of the Insolvency and Bankruptcy Code, 2016?
Under Section 116 of the Insolvency and Bankruptcy Code, 2016, the resolution professional appointed under section 97 or section 98 is responsible for supervising the implementation of the repayment plan.
2. Can a resolution professional ask the court for guidance during a repayment plan under Section 116 of the Insolvency and Bankruptcy Code, 2016?
Yes, under Section 116 of the Insolvency and Bankruptcy Code, 2016, the resolution professional may apply to the Adjudicating Authority, which is the Debt Recovery Tribunal, for directions if they need guidance on any specific matter that arises while implementing the repayment plan.
3. Does the Adjudicating Authority have the power to issue directions under Section 116 of the Insolvency and Bankruptcy Code, 2016?
Yes, under Section 116 of the Insolvency and Bankruptcy Code, 2016, the Adjudicating Authority may issue directions to the resolution professional based on an application filed by that professional.
Test yourself
Q1.Under Section 116 of the Insolvency and Bankruptcy Code, 2016, if a resolution professional is unsure how to handle a dispute over asset distribution during the execution of an approved repayment plan, what legal step can they take?
Q2.Under Section 116 of the Insolvency and Bankruptcy Code, 2016, who is legally authorized to supervise the implementation of a repayment plan for an individual or partnership firm?
Q3.Under Section 116 of the Insolvency and Bankruptcy Code, 2016, which authority is empowered to issue directions to the resolution professional regarding any difficulty in carrying out a repayment plan?
Q4.Under Section 116 of the Insolvency and Bankruptcy Code, 2016, what must happen before the Adjudicating Authority issues any directions to the resolution professional regarding a repayment plan?