List of claims and preliminary information memorandum [ Section 54G ] - Insolvency Resolution And Liquidation For Corporate Persons - IBC

List of claims and preliminary information memorandum Preliminary information means According to Section 5(23A) of the Code, preliminary information means a memorandum submitted by the corporate debtor under clause (b) of section 54G(1). List of claims and preliminary information memorandum [ Section 54G ] Time Period for submitting preliminary information to resolution professional [ Section 54(1) read with Regulation 20(1) of IBBI of (Pre-packaged Insolvency Resolution Process) Regulations, 2021 ] The corporate debtor shall, within two days of the pre-packaged insolvency commencement date, submit to the resolution professional the following information, updated as on that date, in such form (Form P10) and manner as may be specified, namely:- (a) a list of claims, along with details of the respective creditors, their security interests and guarantees, if any; and (b) a preliminary information memorandum containing information relevant for formulating a resolution plan. consequence of the omission of any material information or inclusion of any misleading information in the list of claims or the preliminary information memorandum submitted by the corporate debtor [ Section 54G(2) ] Where any person has sustained any loss or damage as a consequence of the omission of any material information or inclusion of any misleading information in the list of claims or the preliminary information memorandum submitted by the corporate debtor, every person who- (a) is a promoter or director or partner of the corporate debtor at the time of submission of the list of claims or the preliminary information memorandum by the corporate debtor; or (b) has authorised the submission of the list of claims or the preliminary information memorandum by the corporate debtor, shall, without prejudice to section 77A , be liable to pay compensation to every person who has sustained such loss or damage. Punishment for offences related to pre-packaged insolvency resolution process [ Section 77A ] As per section 77A(1)(b) a corporate debtor provides any information in the list of claims or the preliminary information memorandum submitted under sub- section (1) of section 54G which is false in material particulars, knowing it to be false or omits any material fact, knowing it to be material; or As per section 77A(1)(c) any person who knowingly and wilfully authorised or permitted the furnishing of such information under sub-clauses (a) and (b) of section 77A(1) such corporate debtor or person, as the case may be, shall be punishable with imprisonment for a term which shall not be less than three years, but which may extend to five years or with fine which shall not be less than one lakh rupees, but which may extend to one crore rupees, or with both. Consequences list of claims or the preliminary information memorandum was submitted by the corporate debtor without his knowledge or consent. [ Section 54G(3) ] No person shall be liable under section 54G(2), if the list of claims or the preliminary information memorandum was submitted by the corporate debtor without his knowledge or consent. Consequences of provide wrong or misleading information provide [ Section 54G(4) ] Subject to section 54E , any person, who sustained any loss or damage as a consequence of omission of material information or inclusion of any misleading information in the list of claims or the preliminary information memorandum shall be entitled to move a court having jurisdiction for seeking compensation for such loss or damage.