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Section 109 - Insolvency and Bankruptcy Code Act, 2016
109. Voting rights in meeting of creditors.-
(1) A creditor shall be entitled to vote at every meeting of the creditors in respect of the repayment plan in accordance with the voting share assigned to him.
(2) The resolution professional shall determine the voting share to be assigned to each creditor in the manner specified by the Board.
(3) A creditor shall not be entitled to vote in respect of a debt for an unliquidated amount.
(4) A creditor shall not be entitled to vote in a meeting of the creditors if he-
(a) is not a creditor mentioned in the list of creditors under section 104; or
(b) is an associate of the debtor.
Related Sections
- Section 87: Application against decision of resolution professional
- Section 179: Adjudicating authority for individuals and partnership firms
- Section 102: Public notice and claims from creditors
- Section 57: Manner of initiating fast track corporate insolvency resolution process
- Section 118: Repayment plan coming to end prematurely
Related Acts
* Only for reference.