Insolvency and Bankruptcy Code, 2016 | Part III | Chapter III

Section 117: Completion of Repayment Plan under the Insolvency and Bankruptcy Code, 2016

Section 117 prescribes what the resolution professional must do after a repayment plan is fully implemented. It requires a completion notice and an account of receipts and payments to be sent within a statutory period, subject to a limited extension.

What does Section 117 provide?

Section 117(1): Notice and report within fourteen days

The resolution professional shall, within fourteen days of completion of the repayment plan, forward to the persons bound by the plan under section 115 and to the Adjudicating Authority:

Clause (a): A notice stating that the repayment plan has been fully implemented.
Clause (b): A copy of the resolution professional's report summarising all receipts and payments under the plan and the extent of implementation compared with the plan approved by the creditors' meeting.

Section 117(2): Extension of time

The resolution professional may apply to the Adjudicating Authority for an extension of the period in subsection (1), for a further period not exceeding seven days.

Purpose and practical effect

The completion notice formally communicates that implementation has finished. The accompanying report creates a record of amounts received and paid and enables creditors and the Adjudicating Authority to compare actual performance with the approved repayment plan. The statutory fourteen-day period runs from completion of the plan, not from the date on which the plan was approved.

Important: The additional seven days is not automatic. Section 117(2) permits an application to the Adjudicating Authority; it does not itself grant an extension.

Who receives the documents?

Section 117(1) identifies two recipient groups: the Adjudicating Authority and the persons bound by the repayment plan under section 115. Under section 115(1), an approved plan binds the debtor and the creditors mentioned in that plan.

Related legal provisions explained

Section 105 - Repayment plan

The debtor prepares a proposal, in consultation with the resolution professional, for restructuring debts or affairs. The plan forms the basis for subsequent approval and implementation.

Section 114 - Order on repayment plan

The Adjudicating Authority approves or rejects the plan on the basis of the relevant resolution professional report. An approval order may contain implementation directions.

Section 115 - Effect of approval

Once approved under section 114, the repayment plan is binding on the debtor and the creditors mentioned in it. Section 117 refers to these bound persons when specifying recipients of the completion documents.

Section 116 - Implementation and supervision

The resolution professional appointed under section 97 or 98 supervises implementation and may seek directions from the Adjudicating Authority on matters arising under the plan.

Section 118 - Premature end of a plan

If the repayment plan is not fully implemented for all persons bound by it within its stated period, section 118 addresses premature termination and requires a different report and consequential proceedings. A section 117 completion notice should not be confused with the report required under section 118.

Section 119 - Discharge order

The resolution professional applies for a discharge order in relation to debts mentioned in the repayment plan. Discharge depends on the plan and the Adjudicating Authority's order; a section 117 completion report is not, by itself, a discharge order.

Illustrative timeline

If implementation finishes on 1 October, the resolution professional ordinarily must forward the section 117(1) documents within fourteen days of completion, subject to the applicable rules for calculating time. A further period of up to seven days requires an application and extension by the Adjudicating Authority.

Applicability and official sources

Section 117 forms part of the individual and partnership insolvency framework in Part III of the Code. The commencement and application of Part III provisions must be checked for the relevant class of debtor; the notified framework has particular relevance to personal guarantors to corporate debtors. Do not assume the same process is operational for every individual or partnership solely because the provision appears in the Code.

Updated: 23 October 2026. This article is general legal information. Consult the applicable notifications, regulations and orders for a particular proceeding.