Resolution Professional Cannot Admit Claims Suo-Motu in Insolvency; Claims Must Be Filed by Creditors in Form-B or Form-C.

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Full Text of the Document

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....Power of RP to admit the Claims suo-motu - There is no such provision that the IRP shall admit the Claim without filing a Claim either in Form-B or in Form-C. - the IRP suo-motu cannot admit the Claims without their being a Claim by the Claimants viz. Operational Creditors, Financial Creditors and the Claims by other Creditors. Every Claim shall be submitted by the ‘Claimant’ with proof. Accordingly, the issue is answered. - AT....