Proof of Claims

(1) A person claiming to be an operational creditor, other than workman or employee of the corporate debtor, shall submit claim with proofto the interim resolution professional in person, by post or by electronic means in Form B of the Schedule: Provided that such person may submit supplementary documents or clarifications in support of the claim before the constitution of the committee. (2) The existence of debt due to the operational creditor under this Regulation may be proved on the basis of-                         (a) the records available with an information utility, if any; or                         (b) other relevant documents, including – (i) a contract for the supply of goods and services with corporate debtor; (ii) an invoice demanding payment for the goods and services supplied to the corporate debtor; (iii) an order of a court or tribunal that has adjudicated upon the non-payment of a debt, if any; or (iv) financial accounts.

VL Note : –
(1) A person claiming to be a financial creditor, other than a financial creditor belonging to a class of creditors, shall submit claim with proofto the interim resolution professional in electronic form in Form C of the Schedule: Provided that such person may submit supplementary documents or clarifications in support of the claim before the constitution of the committee. (2) The existence of debt due to the financial creditor may be proved on the basis of –                         (a) the records available with an information utility, if any; or                         (b) other relevant documents, including – (i) a financial contract supported by financial statements as evidence of the debt; (ii) a record evidencing that the amounts committed by the financial creditor to the corporate debtor under a facility has been drawn by the corporate debtor; (iii) financial statements showing that the debt has not been paid; or (iv) an order of a court or tribunal that has adjudicated upon the non-payment of a debt, if any.

VL Note : –
(1) A person claiming to be a creditor in a class shall submit claim with proof to the interim resolution professional in electronic form in Form CA of the Schedule. (2) The existence of debt due to a creditor in a class may be proved on the basis of- (a) the records available with an information utility, if any; or (b) other relevant documents, including any- (i) agreement for sale; (ii) letter of allotment; (iii) receipt of payment made; or (iv) such other document, evidencing existence of debt. (3) A creditor in a class may indicate its choice of an insolvency professional, from amongst the three choices provided by the interim resolution professional in the public announcement, to act as its authorised representative.

VL Note : –
(1) A person claiming to be a workman or an employee of the corporate debtor shall submit claim with proofto the interim resolution professional in person, by post or by electronic means in Form D of the Schedule: Provided that such person may submit supplementary documents or clarifications in support of the claim, on his own or if required by the interim resolution professional, before the constitution of the committee. (2) Where there are dues to numerous workmen or employees of the corporate debtor, an authorised representative may submit one claim with proof for all such dues on their behalf in Form E of the Schedule. (3) The existence of dues to workmen or employees may be proved by them, individually or collectively on the basis of –                         (a) records available with an information utility, if any; or                         (b) other relevant documents, including – (i) a proof of employment such as contract of employment for the period for which such workman or employee is claiming dues; (ii) evidence of notice demanding payment of unpaid dues and any documentary or other proof that payment has not been made; or (iii) an order of a court or tribunal that has adjudicated upon the non-payment of a dues, if any.

VL Note : –
The interim resolution professional or the resolution professional, as the case may be, may call for such other evidence or clarification as he deems fit from a creditor for substantiating the whole or part of its claim.
A creditor shall bear the cost of proving the debt due to such creditor.
(1) Subject to sub-regulation (2), a creditor shall submit 20[claim with proof] on or before the last date mentioned in the public announcement. (2) A creditor, who fails to submit claim with proof within the time stipulated in the public announcement, may submit the claim with proof to the interim resolution professional or the resolution professional, as the case may be, on or before the ninetieth day of the insolvency commencement date. (3) Where the creditor in sub-regulation (2) is a financial creditor under regulation 8, it shall be included in the committee from the date of admission of such claim: Provided that such inclusion shall not affect the validity of any decision taken by the committee prior to such inclusion.

VL Note : –
(1) The interim resolution professional or the resolution professional, as the case may be, shall verify every claim, as on the insolvency commencement date, within seven days from the last date of the receipt of the claims, and thereupon maintain a list of creditors containing names of creditors along with the amount claimed by them, the amount of their claims admitted and the security interest, if any, in respect of such claims, and update it. (2) The list of creditors shall be –                         (a) available for inspection by the persons who submitted proofs of claim;                         (b) available for inspection by members, partners, directors and guarantors of the corporate debtor;                         (c) displayed on the website, if any, of the corporate debtor;                         (d) filed with the Adjudicating Authority; and                         (e) presented at the first meeting of the committee.

VL Note : –
(1) Where the amount claimed by a creditor is not precise due to any contingency or other reason, the interim resolution professional or the resolution professional, as the case may be, shall make the best estimate of the amount of the claim based on the information available with him. (2) The interim resolution professional or the resolution professional, as the case may be, shall revise the amounts of claims admitted, including the estimates of claims made under sub-regulation (1), as soon as may be practicable, when he comes across additional information warranting such revision.

VL Note : –
The claims denominated in foreign currency shall be valued in Indian currency at the official exchange rate as on the insolvency commencement date. Explanation – “official exchange rate” is the reference rate published by the Reserve Bank of India or derived from such reference rates.

VL Note : –