Claim Process

When a company fails to make payments to its creditors, as discussed above, the creditors have the right to file a CIRP petition with the Adjudicating Authority. In other words, when a company goes bankrupt and comes under insolvency it becomes available for sale and gets assigned to an IP. The court becomes responsible for liquidating the personal property of the insolvent and distributing it among the creditors. When an insolvency professional is assigned a property to auction under the E-auction claiming process, the IP lists the property online and advertises it to entice claimants and bidders for the auction of the property. The resolution professional/ liquidator must entertain and ascertain all claims.

USES

All creditors, including operational or financial creditors, workers, employees, or any other stakeholder to whom money is owed, are eligible to ask for claims through the use of the claiming process. When insolvency is being resolved, claims must be made to the resolution specialist, and in the event of liquidation, all claims must be made to the liquidator. The claims must be submitted in the manner outlined below. Financial creditors may only submit claims using electronic methods. As opposed to this, operational creditors, labourers, employees, and other creditors can submit claims in person, by mail, or electronically.

When can a claim be filed by the claimant?

A public announcement allowing claimants to submit their claims against the corporate debtor must be made by the insolvency resolution specialist or liquidator. The deadline for filing a claim with the resolution professional is 14 days after the date of his appointment, and the deadline for filing a claim with the liquidator is 30 days after the start of the liquidation process. Anytime before the start of the fund distribution for other claims, the claims must be submitted with supporting documentation.

The liquidator is required to gather all claims, whether or not they were submitted by the claimant. A verified claim cannot be disregarded before the assets or funds are distributed. No further claims can be considered until the assets have been distributed.

In insolvency, to claim, a person needs to fill out a form with their information. The resolution professional then verifies the information and allows people to participate in the auction.

Benefits of claiming process

One of the biggest benefits of claiming process is that creditors can get their money back.

An effective insolvency system must also include procedures for selling and distributing the estate's assets in a timely, predictable, and equitable manner.

The Claim process helps in organising the claim process and documents for RP. The claimants can then fill out forms according to their information and it becomes easy for resolution professionals to track all the claimants information. At IP support we have automated all this process for the convenience of the resolution professionals. The RP can check here the number of claimants who have filed the claim and what amount was claimed. He can access the data from claimants, can add his comments, share the details with respective claimants, all under one platform. It automatises the claim process and makes it streamline so that you can WORK SMART.

We Work Hard So That You Can Work Smart.

The service of claiming process offered by IP Support is among the most cost-effective services for the level of features, usability, and security that it offers. For more information on our fees, call us.

PRICING

The service of claiming process offered by IP Support is among the most cost-effective services for the level of features, usability, and security that it offers. For more information on our fees, call us.