"Any modification suggested by creditors need consent of the debtor in respect of Repayment plan in case of individual or firm insolvency". Comment briefly on the statement narrating the provisions in respect of conducti

Section 108 of the Insolvency and Bankruptcy Code, 2016 provides for the conduct of meeting of creditors by the resolution professional. In the meeting, the creditors may decide to approve, modify or reject the repayment plan. If modifications are suggested by the creditors, the Resolution Professional must ensure that consent of the debtor is obtained for each modification. The meeting of the creditors shall be conducted in accordance with the provisions of sections 108 to 111 of the Code. In the meeting of the creditors, the creditors may decide to approve, modify or reject the repayment plan. A secured creditor if attends any such meeting shall be deemed to have relinquished the security unless submits an affidavit for unsecured part of the debt, if any.