Admission or rejection of claims under liquidation: liquidator verification, written reasons for rejection, and prompt communication requirements. Section 40 of the Insolvency and Bankruptcy Code, 2016, dealing with admission or rejection of claims in the liquidation process, has been omitted. The earlier provision allowed the liquidator, after verification of claims under section 39, to admit or reject a claim in whole or in part, required written reasons for any rejection, and required communication of the decision to the creditor and corporate debtor within seven days.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Admission or rejection of claims under liquidation: liquidator verification, written reasons for rejection, and prompt communication requirements.
Section 40 of the Insolvency and Bankruptcy Code, 2016, dealing with admission or rejection of claims in the liquidation process, has been omitted. The earlier provision allowed the liquidator, after verification of claims under section 39, to admit or reject a claim in whole or in part, required written reasons for any rejection, and required communication of the decision to the creditor and corporate debtor within seven days.
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