Claim Verification

According to the Insolvency and Bankruptcy Code, only Financial Creditors, Operational Creditors, or the Corporate Debtor itself can initiate an Insolvency Petition for the Corporate Insolvency Resolution Process (CIRP).

However, after the commencement of the CIRP, other creditors are allowed to file Claims. The Code has two phases in which creditors are called upon to submit their claims: the first is during the CIRP by the Insolvency Resolution Professional or Resolution Professional, while the second is during the liquidation process by the Liquidator.

The amalgamation of Claims under Insolvency and Bankruptcy Code 2016

  1. Within 30 days from the start of the liquidation process, the liquidator is responsible for collecting and organizing the claims of creditors.
  2. A financial creditor can submit their claim to the liquidator by providing a record of the claim through an information utility.
  3. If the claim is not recorded in the information utility, the financial creditor can submit the claim in the same manner as an operational creditor.
  4. An operational creditor can submit their claim to the liquidator in a specified format, along with supporting documents required to prove the claim as determined by the Board.
  5. If a creditor is both a financial and operational creditor, they must submit claims separately for each debt. A creditor can withdraw or modify their claim within 14 days of submitting it.

Verification of claims

  1. Any creditor, corporate debtor, or another individual may be asked to provide any further documentation or evidence that the liquidator deems necessary for the purpose of validating the entirety or any portion of the claim.
  2. Any creditor, corporate debtor, or another individual may be asked to provide any further documentation or evidence that the liquidator deems necessary for the purpose of validating the entirety or any portion of the claim.

How SalahKaro helps?

  • Support with exceptional cases and pushing clients to go through insolvency and liquidation procedures
  • Assistance with filing claims and providing documentary evidence.
  • Help in getting the amounts of disputed Claims or Invoices.
  • Help in acquiring Debit notes produced by the corporate debtor.
  • The corporate debtor offers assistance in making payments to the operational creditor.
  • Consultation regarding the adjustment of the creditor balance and the debit balances in the corporate debtor books.
  • A creditor’s assistance in submitting a claim.
  • Assistance in submitting such proof prior to resolution plan approval.

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