IBC Section 112: Report of meeting of creditors on repayment plan

Section 112 of Insolvency and Bankruptcy Code, 2016: Report of meeting of creditors on repayment plan

Official Bare Act Text

Override / Mandate Mens Rea (Intent) Actus Reus (Conduct) Punishment Limitation Monetary

(1) The resolution professional shall prepare a report of the meeting of the creditors on repayment plan.

(2) The report under sub-section (1) shall contain-

(a) whether the repayment plan was approved or rejected and if approved, the list the modifications, if any;

(b) the resolutions which were proposed at the meeting and the decision on such resolutions;

(c) list of the creditors who were present or represented at the meeting, and the voting records of each creditor for all meetings of the creditors; and

(d) such other information as the resolution professional thinks appropriate to make known to the Adjudicating Authority.

Legal Commentary & Landmark Judgments: Section 112

Section 112 mandates that the Resolution Professional must prepare and submit a comprehensive report of the meeting of creditors on the repayment plan to the Adjudicating Authority.

Report on Meeting Proceedings: The resolution professional shall prepare a report of the meeting of creditors on the repayment plan and submit it to the Adjudicating Authority.
Mandatory Inclusions: The report shall include: (a) Whether the plan was approved, modified, or rejected; (b) The resolutions passed; (c) The voting percentages; (d) The schedule for implementation; (e) Compliance with the Code.
Copy to Parties: A copy of the report shall be provided to the debtor, creditors, and the Board within such time as specified.

Key Landmark Precedents:

Dilip B. Jiwrajka v. Union of India (2024) 5 SCC 436: The Supreme Court noted that the Section 112 report provides the official certified record of creditor consensus upon which the NCLT exercises adjudicatory authority.
Lalit Kumar Jain v. Union of India (2021) 9 SCC 321: Affirmed that the RP's report ensures complete institutional transparency before judicial approval.

Courtroom Practice & Strategic Litigation Guidance:

The RP must file the Section 112 report within the time specified by regulations. Annex certified copies of the electronic voting logs, minutes of the meeting signed by the RP, and the final approved repayment plan text.