Regulation 13 - Verification of claims.

Verification of claims: duties and timelines for professionals to verify, collate and disclose creditor claims in insolvency.

The interim resolution professional or resolution professional must verify every claim within seven days from the last date for receipt, maintain and update a creditor list with amounts claimed, admitted and security interests, and collate acceptable claims. Late claims received up to seven days before the creditors' meeting must be verified and categorised, creditors notified of non acceptance with reasons within seven days, acceptable late claims put to the committee for recommendation and, if delay needs condonation, submitted to the Adjudicating Authority. The creditor list must be inspectable by claimants and certain connected persons, displayed on the corporate debtor's website, filed on the Board's electronic platform and with the Adjudicating Authority, and presented at the first committee meeting.