It is five years now since the enactment of The Insolvency and Bankruptcy Code, 2016 and both the Financial Creditors and Operational Creditors have taken recourse under the Code for insolvency resolution. As per IBBI data, as of March 2021, with regard to realizations under resolutions, the recovery for all classes of creditors, as compared to their claims, is around 37% and the realization by financial creditors in comparison to claims is around 39%.
The Code enables all categories of Creditors to submit their claims. Be it any process under the Code – the Corporate Insolvency Resolution Process, Liquidation Process, Voluntary Liquidation Process, Insolvency Resolution and Bankruptcy of Personal Guarantors, Pre-packaged Insolvency Resolution Process; admission, substantiation and verification of Claims is an integral part of it and the Insolvency Professionals have been entrusted for taking care of these activities.
Considering the importance of Claims in the entire insolvency resolution framework, the Committee on Insolvency & Bankruptcy Code of ICAI has taken the initiative to bring out this publication – Handbook on Claims under The Insolvency and Bankruptcy Code, 2016 so as to facilitate in understanding of the various provisions related to Claims under the Code.
The publication covers the various aspects related to Claims, Model Timelines, different Forms, Frequently Asked Questions and Case Laws on the same.