Regulation 12 - Submission of proof of claims. - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

Submission of proof of claims. 12. 4 [ (1) A creditor shall submit claim with proof on or before the last date mentioned in the public announcement. Provided that a creditor, who fails to submit claim with proof within the time stipulated in the public announcement, may submit his claim with proof to the interim resolution professional or the resolution professional, as the case may be, up to the date of issue of request for resolution plans under regulation 36B or ninety days from the insolvency commencement date, whichever is later: Provided further that the creditor shall provide reasons for delay in submitting the claim beyond the period of ninety days from the insolvency commencement date. ] (2) 5 [****] (3) Where the creditor in 6 [ sub-regulation (1) ] is 3 [ a financial creditor under regulation 8 ] , it shall be included in the committee from the date of admission of such claim: Provided that such inclusion shall not affect the validity of any decision taken by the committee prior to such inclusion. ************ NOTES:- 1. Substituted vide Notification No. IBBI/2018-19/GN/REG031 dated 03-07-2018 before it was read as proof of claim 2. Substituted vide Notification No. IBBI/2018-19/GN/REG031 dated 03-07-2018 before it was read as, (2) A creditor, who failed to submit proof of claim within the time stipulated in the public announcement, may submit such proof to the interim resolution professional or the resolution professional, as the case may be, till the approval of a resolution plan by the committee. 3. Substituted vide Notification No. IBBI/2018-19/GN/REG031 dated 03-07-2018 before it was read as a financial creditor 4. Substituted vide Notification No. IBBI/2023-24/GN/REG106 dated 18-09-2023 before it was read as, (1) Subject to sub-regulation (2), a creditor shall submit 1 [ claim with proof ] on or before the last date mentioned in the public announcement. 5. Omitted vide Notification No. IBBI/2023-24/GN/REG106 dated 18-09-2023 before it was read as, 2 [ (2) 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. ] 6. Substituted vide Notification No. IBBI/2024-25/GN/REG116 dated 24-09-2024 before it was read as, sub-regulation (2)