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of <h1>Creditors Must Submit Proof of Debt Under Section 171 of Insolvency Code; Trustee Can Sell Secured Property If Delayed</h1> Section 171 of the Insolvency and Bankruptcy Code, 2016, outlines the procedure for creditors to submit proof of debt in bankruptcy proceedings. The bankruptcy trustee must notify creditors to submit proof within fourteen days of preparing the creditor list. Creditors must provide details of the debt and any security associated with it. A decree against the bankrupt serves as valid proof. Interest on debts is provable except for periods post-bankruptcy commencement. The trustee estimates values for debts without specific amounts. Creditors can claim debts due after the bankruptcy date. If proof is not filed within thirty days, the trustee may sell secured property with court approval.
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