110. (1) Secured creditors shall be entitled to participate and vote in
the meetings of the creditors.
(2) A secured creditor participating in the meetings of the creditors and
voting in relation to the repayment plan shall forfeit his right to enforce
the security during the period of the repayment plan in accordance with the
terms of the repayment plan.
(3) Where a secured creditor does not forfeit his right to enforce security,
he shall submit an affidavit to the resolution professional at the meeting
of the creditors stating- (a) that the right to vote exercised by the
secured creditor is only in respect of the unsecured part of the debt; and
(b) the estimated value of the unsecured part of the debt.
(4) In case a secured creditor participates in the voting on the repayment
plan by submitting an affidavit under sub-section (3) , the secured and
unsecured parts of the debt shall be treated as separate debts.
(5) The concurrence of the secured creditor shall be obtained if he does not
participate in the voting on repayment plan but provision of the repayment
plan affects his right to enforce security.
Explanation.-For the purposes of this section, "period of the repayment
plan" means the period from the date of the order passed under section 114
till the date on which the notice is given by the resolution professional
under section 117 or report submitted by the resolution professional under
section 118, as the case may be.