Section 106

The resolution professional shall submit the repayment plan under section 105 along with his report on such plan to the Adjudicating Authority within a period of twenty-one days from the last date of submission of claims under section 102.

Where no repayment plan is submitted within the period stipulated under sub-section (1), the resolution professional shall submit a report to the Adjudicating Authority, and the Adjudicating Authority shall pass an order terminating the insolvency resolution process of the debtor and the debtor or the creditors shall be entitled to file an application for bankruptcy under Chapter IV.165

The report referred in sub-section (1) shall include that-

the repayment plan is in compliance with the provisions of any law for the time being in force;

the repayment plan has a reasonable prospect of being approved and implemented; and

there is a necessity of summoning a meeting of the creditors, if required, to consider the repayment plan: Provided that where the resolution professional recommends that a meeting of the creditors is not required to be summoned, reasons for the same shall be provided.

The report referred to in sub-section (2) shall also specify the date on which, and the time and place at which, the meeting should be held if he is of the opinion that a meeting of the creditors should be summoned.

Notwithstanding anything to the contrary contained in the provisions of sub-section (2) and sub-section (3), where the repayment plan is in respect of the debtor who is a personal guarantor to a corporate debtor, the resolution professional shall summon the meeting of the creditors by issuing a notice in writing specifying therein the date, time and place of such meeting.

For the purposes of sub-section (3) and sub-section (3A) -

the date on which the meeting is to be held shall be not less than fourteen days and not more than twenty-eight days from the date of submission of report under sub-sectio

;

the resolution professional shall consider the convenience of creditors in fixing the date and venue of the meeting of the creditors.