Verification of claims in insolvency requires timely admission or rejection, reasoned communication, and proper listing of creditors. Verification of claims under the corporate insolvency resolution process requires the interim resolution professional or resolution professional to verify every claim within seven days from the last date for receipt of claims, maintain and update a list of creditors, and admit or reject each claim in whole or in part with reasons communicated to the creditor. Late claims received up to seven days before the relevant creditors' meeting must also be verified, categorised as acceptable or non-acceptable for collation, and communicated with reasons where non-acceptable. The list of creditors must be made available for inspection, displayed, filed, and presented at the first committee meeting.
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 insolvency requires timely admission or rejection, reasoned communication, and proper listing of creditors.
Verification of claims under the corporate insolvency resolution process requires the interim resolution professional or resolution professional to verify every claim within seven days from the last date for receipt of claims, maintain and update a list of creditors, and admit or reject each claim in whole or in part with reasons communicated to the creditor. Late claims received up to seven days before the relevant creditors' meeting must also be verified, categorised as acceptable or non-acceptable for collation, and communicated with reasons where non-acceptable. The list of creditors must be made available for inspection, displayed, filed, and presented at the first committee meeting.
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