Verification of claims in liquidation requires prompt admission or rejection, written reasons for rejection, and timely stakeholder communication. Verification of claims in liquidation requires the liquidator to examine claims received within seven days and either admit or reject them, in whole or in part. Claims received during the corporate insolvency resolution process but not verified at that stage must also be verified within seven days of the liquidation commencement date, subject to the bar against re-verification of claims already verified during the corporate insolvency resolution process. Rejection must be supported by written reasons, and the decision must be communicated to the stakeholder 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.
Verification of claims in liquidation requires prompt admission or rejection, written reasons for rejection, and timely stakeholder communication.
Verification of claims in liquidation requires the liquidator to examine claims received within seven days and either admit or reject them, in whole or in part. Claims received during the corporate insolvency resolution process but not verified at that stage must also be verified within seven days of the liquidation commencement date, subject to the bar against re-verification of claims already verified during the corporate insolvency resolution process. Rejection must be supported by written reasons, and the decision must be communicated to the stakeholder within seven days.
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