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of <h1>Liquidation Under IBC: Claim Verification in 30 Days, Foreign Currency Conversion, and Mutual Credit Set-Offs Explained</h1> The liquidation process under the Insolvency and Bankruptcy Code (IBC) involves the verification of claims by the liquidator within 30 days of the last date for receipt of claims. Claimants must provide necessary documentary evidence, and the cost of proving claims falls on them. If a claim is false, the liquidator may seek recovery of verification costs. Claims in foreign currency are converted to Indian currency at the official exchange rate on the liquidation commencement date. Periodical payments and future debts can be claimed up to the liquidation date, with specific calculations for debts not yet due. Mutual credits are set off against each other to determine net payable amounts.
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