In an earlier post here, I have discussed the mode for submission of claims by various classes of creditors. During insolvency resolution process for a corporate debtor following forms are prescribed to file claims by creditors:
- Operational Creditors –Form B
- Financial Creditors – Form C
- Class of Creditors (at least 10 FC in the class) – Form CA
- Workmen and Employees (individually) – Form D
- Workmen and Employees (for All) – Form E
- Creditors other than those covered – Form F
Most fields of these forms are identical. In case your claim is complicated or have a good amount of money involved, it is advisable to seek help of a good professional.
Look after your money
When you have to recover any money, we should follow up and send frequent reminders. If our amount involve is less than threshold limit to file a case of insolvency against the company or to bear the cost of recovery in normal legal process, we should wait but be vigilant. If we think company is unable to pay and not solvent, we should be careful enough to check if there is a case of insolvency against the company. These insolvency matters may be searched from website of National Company Law Tribunal. I frequently check for insolvency status of my client companies and for companies where we have invested any money.
Always look for public announcement section in the IBBI website. This is important as it is prudent to file our claim in case of insolvency within 90 days (actual time permitted is 14 days). If a creditor could not file a case within 90 days, he has to seek condonation of delay form relevant bench of the adjudicating authority.
Common points in these Forms
|Common Fields||Source of Information|
|Name and address of Resolution Professional||Form Public Announcement|
|Name and Address of Claimant||Your identity proofs/ loan agreements/Invoices|
Certificate of Incorporation/GST details
|Identification Number of Claimant||PAN/ GSTN / CoI / UID (Aadhar)|
|Address of Claimant||Latest Bank Statement/ Telephone or Mobile Bill/ UID (Aadhar)|
|Email of Claimant||If you are not a frequent user of email, please provide your most used email address as you need to check this email address almost daily to stay updated.|
|Details of documents||List of all relevant documents|
|Details of any dispute as well as the record of pendency or order of suit or arbitration proceedings||—|
|Details of how and when debt incurred||Please write one paragraph summery of the default|
FC – why loan taken, securities, loan disbursal, loan period interest and due dates OC – what goods or services provided and for which period, details of period of default with first and last invoice
real estate buyers – Allotment letter, agreement to sale, details of payment made
|Details of any mutual credit, mutual debts, or other mutual dealings between the corporate debtor and the creditor which may be set-off against the claim||Details if any|
|Details of the bank account to which the amount of the claim or any part thereof can be transferred pursuant to a resolution plan||Please check your cheque book: account number, type of account, Bank name and branch address, IFSC Code, Swift Code etc|
|List of documents attached to this proof of claim in order to prove the existence and non-payment of claim due to the operational creditor||This will be good if proper file is prepared with proper index and page numbering.|
|Signature of creditor or person authorised to act on his behalf||Please attach proper authorisation.|
|Address of person signing||Address Proof – UID/Bank statement/ mobile or telephone bill/ Electricity bill|
|Insolvency commence date||Public Announcement|
This is advisable to send declaration as proper notary affidavit though term used is declaration not affidavit.
In the case of company or limited liability partnership, the declaration and verification shall be made by the director/manager/secretary and in the case of other entities, an officer authorised for the purpose by the entity].
Amount of Claim
In case of operational Creditor: please check and attach invoices, ledger, commercial agreement, Memorandum of understanding, contracts etc. Copy of proper ledger is strongly advisable. Where any interest is claim document like MSME registration or agreement should be attached. Interest for MSME operational Creditors 18% after first 45 days.
In case of a claim by financial creditors: Please check and attach sanction letters, loan agreement, inter-corporate loan agreement, RBI – FEMA Documentation in case of loan from foreign country, mortgage agreement, hypothecation agreement, guarantee agreements, property papers, vehicle registration details, information utility documents, ledger or bank statement or loan statement, securitization documents, DRT orders etc, name of guarantors or principal borrowers;
In case of real estate buyers: application, allotment letter, agreement to sale, sale deed, loan documentation, payment details, ledger copy or bank statement or loan agreement, RERA order, calculation sheet for interest calculation. Interest for class of creditors shall be 8% per year.
In case of Employee and workmen: appointment letter/ promotion letters/ increment letter/ latest salary slips/ TDS statement
Action Post filing claims
After filing claims, claimants should wait response from the Resolution Professional. Please follow instructions of the resolution professional unless you are going to appeal against instruction. Please submit all information required. The resolution professional may hold your claim till all required documents or information is received.
Please note, all resolution professional collect and collate claims on provisional basis only. The resolution professional may revise accepted claim amount any time if there is any additional information is made available either by claimant or corporate debtor.
It is advisable to sent reminder if there is no response in seven to ten days of filing claims. Sometime, the resolution professional may advise you to file an application against him for admission of your claim. This may be for various reason.