106. (1) 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.
(2) The report referred in sub-section (1) shall include that-
(a) the repayment plan is in compliance with the provisions of any law for
the time being in force;
(b) the repayment plan has a reasonable prospect of being approved and
implemented; and
(c) 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.
(3) 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.
(4) For the purposes of sub-section (3)-
(a) 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-section (1);
(b) the resolution professional shall consider the convenience of creditors
in fixing the date and venue of the meeting of the creditors.