Consolidation of claims: liquidator must collect and verify stakeholder claims and require prescribed submissions under liquidation rules. The liquidator must collect, consolidate and verify claims under Section 38 and the Liquidation Process Regulations, make a public announcement calling for submission or updation of claims with a specified last date, and receive claims to be proved as on the liquidation commencement date. Submission modes and forms vary by creditor class; financial creditors may use an information utility or prescribed forms, operational creditors and other stakeholders follow specified forms and procedures, workmen and employees may submit directly or via a representative, and secured creditors must prove security existence and registration with specified records.
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.
Consolidation of claims: liquidator must collect and verify stakeholder claims and require prescribed submissions under liquidation rules.
The liquidator must collect, consolidate and verify claims under Section 38 and the Liquidation Process Regulations, make a public announcement calling for submission or updation of claims with a specified last date, and receive claims to be proved as on the liquidation commencement date. Submission modes and forms vary by creditor class; financial creditors may use an information utility or prescribed forms, operational creditors and other stakeholders follow specified forms and procedures, workmen and employees may submit directly or via a representative, and secured creditors must prove security existence and registration with specified records.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
