• Invest in India
  • Corporate Legal Services

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
  • Invoices
  • 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.

Formats

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

One thought on “Submission of claims by the Operational Creditors under CIRP

  1. Sir, after approval of R.P. by NCLT n how many days an employee gets his claim amount . And will he gets full verified claim amount ?? Kindly clarify.

    1. As Per IBC Code, once resolution plan approved by NCLT, it shall be binding on all the stakeholders of the company.

      As per section 30 (2) of the code, the resolution plan shall contain the provision for payment of unpaid dues of employees.The resolution shall also contain the amount of the claims admitted and the timeline for payment.The minimum amount of the claim should be as provided under section 53 (1) of the code.

      No timelines are prescribed under the code, it shall be as per the approved resolution plan or as directed by NCLT

Leave a Reply

Your email address will not be published. Required fields are marked *


[recaptcha]

Please Fill All Field