Admission or rejection of claims: liquidator must decide and notify promptly; valuation per Board; creditors may appeal. The liquidator, after verification, may admit or reject claims in whole or part and must record reasons for rejection; decisions must be communicated to ... Summary
Admission or rejection of claims: liquidator must decide and notify promptly; valuation per Board; creditors may appeal.
The liquidator, after verification, may admit or reject claims in whole or part and must record reasons for rejection; decisions must be communicated to the creditor and corporate debtor within a short prescribed period. The liquidator determines the valuation of admitted claims as specified by the Board, and creditors may appeal the liquidator's acceptance or rejection to the Adjudicating Authority within the limited timeframe provided.
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