A. WHAT HAPEPNS IF CLAIM OF AN OPERATIONAL CREDITOR IS NOT ADMITTED BY IRP
STEP BY STEP GUIDE:
1. PUBLIC ANNOUNCEMENT
An insolvency professional shall make a public announcement immediately on his appointment as an interim resolution professional. The announcement will provide the last date for submission of proofs of claim.
2. Claims by operational creditors.
A person claiming to be an operational creditor, other than workman or employee of the corporate debtor, shall submit claim with proof to the interim resolution professional in person, by post or by electronic means in Form B of the Schedule:
The existence of debt due to the operational creditor under this Regulation may be proved on the basis of –
- a contract for the supply of goods and services with corporate debtor;
- an invoice demanding payment for the goods and services supplied to the corporate debtor;
- an order of a court or tribunal that has adjudicated upon the non-payment of a debt, if any; or
- Financial Accounts.
A creditor, who fails to submit claim with proof within the time stipulated in the public announcement, may submit the claim with proof to the interim resolution professional or the resolution professional, as the case may be, on or before the ninetieth day of the insolvency commencement date.
Verification of claims
The interim resolution professional or the resolution professional, as the case may be, shall verify every claim, as on the insolvency commencement date, within seven days from the last date of the receipt of the claims, and thereupon maintain a list of creditors containing names of creditors along with the amount claimed by them, the amount of their claims admitted and the security interest, if any, in respect of such claims, and update it.
The list of creditors shall be –
- available for inspection by the persons who submitted proofs of claim;
- available for inspection by members, partners, directors and guarantors of the corporate debtor;
- displayed on the website, if any, of the corporate debtor;
- filed with the Adjudicating Authority; and
- presented at the first meeting of the committee.
B. WHAT HAPEPNS IF CLAIM OF AN OPERATIONAL CREDITOR IS REJECTED BY IRP
Where an operational creditor claims that it is one of the bona fide claimants and its claim made against the corporate debtor has been unfairly and illegally rejected by the resolution professional, the claimant may file a petition before NCLT.
For any assistance in this regard contact Praveen at 9720108105
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