Submission of claims by the Operational Creditors under CIRP
January 11, 2019 by Ridhima Chachra
It is very important that the claim submitted by Operational Creditor before Interim Resolution Professional (IRP) under CIRP is complete in all respects otherwise the same can be rejected by the IRP and in such case the Resolution Plan may fail to cover the amounts due to such Operational Creditors
Who can submit?
Any person claiming to be an operational creditor shall submit his claim along with proof.
To be submitted to whom?
The Operational Creditor shall submit his claim along with proof to the IRP
How to submit Claim in Case of CIRP
The operational Creditor shall submit his proof of claim in person, by post or by electronic means in Form B of the Schedule under Regulation 7 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 wherein he submit all the details regarding the unpaid operational debt along with proof of non-payment of such debts.
For individual Workman or Employee – the claim needs to be submitted under Form D of the Schedule under Regulation 7 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and for a Group of Workmen or Employees through an authorized representative under Form E of the Schedule under Regulation 7 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
However, it is recommended that hard copy of notarised affidavit document also (if submitted by electronic means) be submitted to the IRP at his address mentioned in Public Announcement made by him along with supporting documents.
Which date to be considered to calculate the claim amount?
The claim submitted by the Operational Creditor shall be as on the insolvency commencement date.
What if the debt claimed is in foreign currency?
The claims of creditors which are denomination in foreign currency shall be valued in Indian currency at the official exchange rate which is the reference rate published by the Reserve Bank of India or derived from such reference rate, as on the date of the commencement of the CIRP.
What documents to enclose as proof of operational debt
- Authorised contract/purchase order for supply of goods and/or services
- Proof of delivery/work completion certificate
- Ledger statement of Corporate Debtor in the books of the Operational creditor indicating outstanding receivables.
- Any other document as may be required
The IRP may call for such evidence or clarifications from the creditors as he deems fit in order to verify the claim amount.
The formats of respective forms to be submitted by the Operational Creditors are provided in the following links:
Form B-Submission of Claims by Operational Creditor
Form D- Submission of Claims by a Workmen or an Employee
Form E- Submission of claim submitted by authorised representative of Workmen & Employees