Status as on 04/09/2019
When a corporate debtor put under CIRP (Corporate Insolvency Resolution Process) the management of the corporate debtor is placed under an Insolvency resolution professional. Now, the interim resolution professional would make public announcement and ask every creditor (operational or financial ) to file their claim before IRP. All the creditors (financial & operational) need to file a claim with the IRP (Insolvency resolution professional) regarding their debts under different forms which are provided in the schedule of Insolvency and Bankruptcy Board of India (Insolvency resolution process for corporate persons) Regulations, 2016.
With respect to Financial Creditors, submission of the claim is filed in Form-C, as per Regulation 8 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2017. In case of homebuyers, the claim is submitted in a class and form shall be Form CA. A financial creditor whose Form C/CA is accepted, have the right to be part of the committee of creditors (CoC) which decides the resolution plan. In addition, the claim of the financial creditor whose Form-C is accepted will take priority over the claims of the employees and other unsecured creditors.
How to file claim in form C or Form CA:
Firstly, download Form-C from the website http://ibbi.gov.in/ (Insolvency and Bankruptcy Board of India). Thereafter submit a scanned copy of the signed and printed form with an affidavit (witnessed by a notary or oath commissioner) and documentary proof in support of your claim to the IRP by electronic means. (The financial creditors shall submit their proofs of claims by electronic means only)
The column 3 of the form is the most important as it states the financial claim (computation in rupees, including any interest).
Other columns contain information with respect to :
- Documents to which the debt can be substantiated,
- details of how and when debt incurred,
- details of any mutual credits or debts,
- details of any security held,
- details of the bank account to which the amount of the claim or any part thereof can be transferred pursuant to a resolution plan and
- list of documents in order to prove the existence and nonpayment of claims. This is followed by the signature of the financial creditor, an affidavit and the verification. The following documents have to be attached with Form C:
- Statement of Account
- PAN / Aadhaar Card
- Financial contract supported by financial statements as evidence of the debt.
- Records evidencing that the amounts committed by the financial creditor to the corporate debtor under a facility has been drawn by the corporate debtor.
- Financial statements showing that the debt has not been repaid.
- Order of a court or tribunal that has adjudicated upon the non-payment of a debt, if any.
- Computation of claim
Remark:- The Affidavit has to be notarized but not the Form or the supporting documents.
Disclaimer – The article is based on the interpretation of the related laws and for the general purpose for creditors. The author can be reached at abhinav@centrik.in The readers are expected to take expert opinion before placing reliance on it.
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How can I file a claim when I am not holding BBA and all recipients, but I have all cheque details with my bank statement.
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I there any amount limit for filing a claim before IRP..?
I know for initiation of CIRP there is a threshold minimum limit of Rs. 1 Crore ( recently updated) but once the IRP is appointed whether i can file a claim before IRP for claiming an operational debt of Rs. 25 lkahs before the IRP?
Once IRP is appointed, there is not limit to file the claim