Consolidation of claims [ Section 38 ]

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..... ic announcement to be made by the liquidator to call for claims against the CD. (1) The liquidator shall make a public announcement in Form B of Schedule II within five days from his appointment. (2) The public announcement shall- (a) call upon stakeholders to submit their claims or update their claims submitted during the corporate insolvency resolution process, as on the liquidation commencement date; and (b) provide the last date for submission or updation of claims , which shall be thirty days from the liquidation commencement date. (c) provide that where a stakeholder does not submit its claims during the liquidation process , the claims submitted by such a stakeholder, and duly col .....

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..... Provided that where the information relating to the claim is not recorded in the information utility, the financial creditor may submit the claim in the same manner as provided for the submission of claims for the operational creditor under section 38(3) . The form and manner of claim submission by creditors is provided in the Liquidation Process Regulations. Regulation 17 provides for submission of a claim by an OC (other than a workman or employee) in person, by post, or by electronic means using Form C of Schedule II. Regulation 18 provides for submission of a claim by an FC by electronic means using Form D of Schedule II. Regulation 19 provides for submission of a claim by a workman or employee in person, by p .....

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..... ons, this may be proved on the basis of records available in an IU (if any), or a certificate of registration of charge issued by the Registrar of Companies, or proof of registration of charge with the Central Registry of Securitisation Asset Reconstruction and Security Interest of India. Regulation 22 of the Liquidation Process Regulations provides that, where a person seeks to prove a debt in respect of a bill of exchange, promissory note, or other negotiable instrument or security of a like nature for which the CD is liable, such bill of exchange, note, instrument, or security, as the case may be, shall be shown to the liquidator before the claim is admitted. - Manuals - Ready reckoner - Law and practice - Reference Guide - .....

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