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of <h1>Section 363 claims process ensures timely, transparent verification and communication of creditors' claims during company liquidation proceedings</h1> Section 363 of the Companies Act, 2013 mandates that, within thirty days of appointment, the Official Liquidator must invite all creditors of the company to prove their claims in the prescribed manner within thirty days of such invitation. The Official Liquidator is then required to prepare a list of creditors' claims as per prescribed procedures. Each creditor must be informed whether its claim has been accepted or rejected, and the Official Liquidator must provide written reasons for any decision. This ensures a time-bound, transparent, and reasoned process for settling creditors' claims in liquidation.
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