Regulation 7 - Submission and verification of claim
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 Chapter III REGISTRATION OF CLAIMS
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Submission of claims: creditors must provide proof to the resolution professional by the public notice deadline for verification. Regulation 7 mandates that creditors submit claims with proof to the resolution professional by the public notice deadline, bearing submission costs; claims may be proved by information utility records or other documentary evidence and the resolution professional may seek further clarification. The resolution professional must verify claims promptly, prepare the creditor list within thirty days of the public notice, estimate imprecise claim amounts from available information, and revise admitted claims when new information emerges until approval of a repayment plan. Foreign currency claims are valued in Indian currency at the official exchange rate on the resolution commencement date.
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.
Submission of claims: creditors must provide proof to the resolution professional by the public notice deadline for verification.
Regulation 7 mandates that creditors submit claims with proof to the resolution professional by the public notice deadline, bearing submission costs; claims may be proved by information utility records or other documentary evidence and the resolution professional may seek further clarification. The resolution professional must verify claims promptly, prepare the creditor list within thirty days of the public notice, estimate imprecise claim amounts from available information, and revise admitted claims when new information emerges until approval of a repayment plan. Foreign currency claims are valued in Indian currency at the official exchange rate on the resolution commencement date.
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