Verification of claims [Section 39]

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..... of claims and may either admit or reject the claim, in whole or in part (regulation 30). Time limit for submission of claim [ Section 39(1) ] The liquidator shall verify the claims submitted within 30 days from the last date for receipt of claims. Documentary Evidence for submission of claim [ Section 39(2) Read with regulation 23 of IBBI (Liquidation Process), .....

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..... tion of quantum of claim [ Regulation 25 IBBI (Liquidation Process), Regulation, 2016 ] Where the amount claimed by a claimant is not precise due to any contingency or any other reason, the liquidator shall make the best estimate of the amount of the claim based on the information available with him. Debt in foreign currency [ Regulation 26 IBBI ( .....

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..... ot yet due on the liquidation commencement date and is entitled to distribution in the same manner as any other stakeholder. [ Sub- regulation (1) ] Subject to any contract to the contrary, where a stakeholder has proved for a claim under regulation 28(1), and the debt has not fallen due before distribution, he is entitled to distribution of the admitted claim reduced as follows- .....

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..... ebtor or to the other party. Illustration: X owes ₹ 100 to the corporate debtor. The corporate debtor owes ₹ 70 to X. After set off, ₹ 30 is payable by X to the corporate debtor. - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - T .....

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