INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSONS
(AMENDMENT) REGULATIONS, 2017
New era of
proactive judiciary bodies and government is no more at surprise to us. With
rising cases of insolvency and bankruptcy of corporate debtors and shield given
to operational and financial creditors it was need of time to give protection
to those "other creditors" too.
With rising
cases of insolvency, the provisions of insolvency and bankruptcy code, 2016 has
now been amended to let the new category of creditors to file claim with interim
resolution professional or resolution professional.
Insolvency
Board vide its notification dated August 16th 2017 has introduced Form F to enable new category of
creditors to file their claims under the new Code.
Who can file
claim under the new amendment?
The code had
initially given powers to operational creditors and financial creditors to file
claims to recover dues from Corporate Debtor.
Operational
Creditor as defined under the code meant a person to whom an operational debt is owed
while financial creditor was defined as any person to whom a financial
debt is owed and includes a person to whom such debt has been legally assigned
or transferred to;
However
creditors who were neither operational nor financial, owing debt to Company,
were not given any specific power to settle down their claims.
However with
the new amendment, the Code has now identified one more class of Creditors who
does not fall under the category ofOperational
or Financial Creditor. The new class can now file their claims in Form F along with proof of claim to the
interim resolution professional or resolution professional in person, by post
or by electronic means.
The existence of the claim of the Creditor
referred in amendment can be proved on the basis of
1.
the records available in an information utility,
if any, or
2.
other relevant documents sufficient to establish
the claim, including any or all of the following-
a.
documentary evidence demanding satisfaction of
the claim
b.
bank statements of the creditor showing
non-satisfaction of claim
c.
an order of court or tribunal that has
adjudicated upon non-satisfaction of claim, if any
The notification
can be downloaded from the following link:
This notification shall be effective from 16thAugust
2017.
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