Claim Verification under IBC - As per IBC the Corporate Insolvency Resolution Process is for the protection of creditors from debtors through filing of an insolvency petition which is based on delayed and default of payments by the debtors even after various time buffers being provided but inability of the corporate debtor to repay the amount owed. A claim can be filed by any creditor, workmen, employees, and other corporate debtors, under Section 7, Section 9 & section 10 of the IBC, 2016
The Corporate Insolvency Resolution Process can be initiated by making an application to the National Company Law Tribunal (NCLT) by the Financial Creditors. This is done via Claim Verification process and claim verification service under IBC which is done by the creditors via appointment of an Insolvency Resolution Professional (IRP) who then forms the Committee of Creditors (COC) which is a body of creditors having decision making power covered under Section 21 of IBC. The first step is of “revival” or recovery where the sole aim is to recover the consideration in question. Following which if the COC & IRP are not able to recover the consideration then the next step is to go for “liquidation” Section 38 of IBC says “Consolidation of Claims” which covers the procedure & steps of making a claim which are:
The “Verification of Claims” is mentioned in Section 39 under Chapter III OF Insolvency & Bankruptcy Code as -
Since, the process & knowledge is clear the main step is having a team of supporting IRP’s who would help, guide & help in the whole process of revival & liquidation. A firm with high experience in such cases and with positive deliveries with proven track record, that’s where ASC Consulting comes in with over 25 years of professional experience & well-versed IRP’s providing Claim verification services.
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