REGULATION 19 CLAIMS BY WORKMEN AND EMPLOYEES
1) A person claiming to be a workman or an employee of the corporate debtor shall submit proof of claim to the liquidator in person by post or by electronic means in Form E of Schedule II
2) When there are dues to numerous workmen or employees of the corporate debtor, an authorized representative may submit one proof of claim for all such dues on theri behalf in Form F of schedule II
3) Existence of dues to workmen or employees may be proved by them, individually or collectively on the basis of
a) records available in an information utility if any or
b) other relevant documents which adequately establish the dues, including any or all of the following
i) a proof of employment as contract of employment for the period for which such workmen or employees is claiming dues
ii) evidence of notice demanding payment of unpaid amount and any documentary or other proof that payment has not been made, and
iii) an order of a court or tribunal that has adjudicated upon the non payment of dues, if any
4 The liquidator may admit the claims of a workmen or an employee on the basis of the books of account of the corporate debtor if such workmen or employee has not made a claim
Regulation No 20 Claims by other stakeholders
1) A person, claiming to be a stakeholder other than those under Regulations 17 (1), 18 (1) or 19 (1) shall submit proof of claims to the liquidator in person, by post or by electronic means in Form G of Schdule II
2) Existence of the claim of the stakeholders on the basis of
a) the records available in on information utility if any or
b) other relevant documents which adequately establish the claim, including any or all of the following
i) documentary evidence of notice demanding payment of unpaid amount or bank statements of the claimant showing that the claim has not been paid and an affidavit that the documentary evidence and bank statements are true, valid and genuine
ii) documentary or electronic evidence of the shareholding and
iii) an order of a court, tribunal or other authority that has adjudicated upon the non payment of a claim if any
Regulation No. 21 Proving security interest
The existence of a security interest may be proved by a secured creditor on the basis of
a) the records available in an information utility, if any
b) certificate of registration of charge issued by the Registrar of Companies or
c) proof of registration of charge with the Central Registry of Secularization Asset Reconstruction and Security interest of india
Regulation No. 22 Production of bills of exchange and promissory notes
Where a person seeks to prove a debt in respect of bill of exchange, promissory notes or other negotiable instrument or security of a like nature for which the corporate debtor is liable, such bill of exchange , note, instrument or security as the case may be shall be produced before the liquidator before the claim is admitted
Regulation No. 23 Substantiation of claims
The liquidator call for such other evidence or clarification as he deems fit from a claimant for substantiating the whole or part of the claim
Regulation No. 24 Cost of proof
1) A claimant shall bear the cost of proving its claim
2) Costs incurred by the liquidator for verification and determination of a claim shall form part of liquidation cost
Provided if a claim or part of the claim is found to be false, the liquidator shall endeavor to recover the costs incurred for verification and determination of claim from such claimant and shall provide details of the claimant to the Board
Regulation No. 25 Determination of claim
When the amount claimed by a claimant is not precise due to any contingency or any other reason, the liquidator shall make the best estimate of the amount of the claim based on the information available with him
Regulation No. 26 Debt in foreign currency
The claims denominated in foreign currency shall be valued in Indian currency or the official exchange rate as on the date of the liquidation commencement date
The official exchange rate is the reference rate published by the Reserve Bank of India or derived such reference notes
Regulation No. 27 Periodical payments
Rent interest and such other payments are periodical in nature
A person may claim only for any amount due and unpaid up to the liquidation commencement date
Regulation No. 28 Debt payable on future time
1) A person may prove for a claim whose payment was not yet due on the liquidation commencement date and is entitled to distribution in the same manner as any other stakeholder
2) Subject to any contract to the contrary, where a stakeholder has proved that a claim under sub regulation (1) and the debt has not fallend due before distribution, he is entitled to distribution of the admitted claim reduced as follows.
Regulation No. 29 Mutual credits and set off
Where there are mutual dealings between the corporate debtor and another party, the sums due from one party shall be set off against the same due from the other to arrive at the net amount payable to the corporate debtor or to the other party
Illustration Rajesh owes Rs.1000 to the corporate debtor. The corporate debtor owes Rs.700 to Rajesh. After set off Rs.300 is payable by Rajesh to the corporate debtor.
Regulation No. 30 Verification of claims
The liquidator shall verify the claims submitted within 30 days from the last date of receipt of claims and amy either admit or reject the claim , in whole or in part as the case may be
Regulation No. 31 List of stakeholders
1) The liquidator shall prepare a list of stakeholders, category wise, on the basis of proofs of claims submitted and accepted under these regulations with-
a) the amounts of claim admitted if applicable
b) the extent to which the debts or dues are secured or unsecured if applicable
c) the details of the stakeholders and
d) the proofs admitted or rejected in part, and the proofs wholly rejected
2) The liquidator shall file the list of stakeholders with the Adjudicating authority within forty five days from the last date of receipt of claims, and the filing of the list shall be announced to the public in the manner specified in Regulation 12 (3)
3) The liquidator may apply to the Adjudicating authority to modify on entry in the list of stakeholders filed with the Adjudicating authority, when he comes across additional information warranting such modification and shall modify the entry in the manner affected by the adjudicating authority
4) The liquidator shall modify an entry in the list of stakeholders filed with the Adjudicating authority in the manner directed by the Adjudicating Authority while disposing of an appeal preferred under Section 42
5) The list of stakeholders as modified from time to time shall be-
a) available for inspection by the persons who submitted proofs of claim
b) deployed on the website, ( if any of the corporate debtor)
1) A person claiming to be a workman or an employee of the corporate debtor shall submit proof of claim to the liquidator in person by post or by electronic means in Form E of Schedule II
2) When there are dues to numerous workmen or employees of the corporate debtor, an authorized representative may submit one proof of claim for all such dues on theri behalf in Form F of schedule II
3) Existence of dues to workmen or employees may be proved by them, individually or collectively on the basis of
a) records available in an information utility if any or
b) other relevant documents which adequately establish the dues, including any or all of the following
i) a proof of employment as contract of employment for the period for which such workmen or employees is claiming dues
ii) evidence of notice demanding payment of unpaid amount and any documentary or other proof that payment has not been made, and
iii) an order of a court or tribunal that has adjudicated upon the non payment of dues, if any
4 The liquidator may admit the claims of a workmen or an employee on the basis of the books of account of the corporate debtor if such workmen or employee has not made a claim
Regulation No 20 Claims by other stakeholders
1) A person, claiming to be a stakeholder other than those under Regulations 17 (1), 18 (1) or 19 (1) shall submit proof of claims to the liquidator in person, by post or by electronic means in Form G of Schdule II
2) Existence of the claim of the stakeholders on the basis of
a) the records available in on information utility if any or
b) other relevant documents which adequately establish the claim, including any or all of the following
i) documentary evidence of notice demanding payment of unpaid amount or bank statements of the claimant showing that the claim has not been paid and an affidavit that the documentary evidence and bank statements are true, valid and genuine
ii) documentary or electronic evidence of the shareholding and
iii) an order of a court, tribunal or other authority that has adjudicated upon the non payment of a claim if any
Regulation No. 21 Proving security interest
The existence of a security interest may be proved by a secured creditor on the basis of
a) the records available in an information utility, if any
b) certificate of registration of charge issued by the Registrar of Companies or
c) proof of registration of charge with the Central Registry of Secularization Asset Reconstruction and Security interest of india
Regulation No. 22 Production of bills of exchange and promissory notes
Where a person seeks to prove a debt in respect of bill of exchange, promissory notes or other negotiable instrument or security of a like nature for which the corporate debtor is liable, such bill of exchange , note, instrument or security as the case may be shall be produced before the liquidator before the claim is admitted
Regulation No. 23 Substantiation of claims
The liquidator call for such other evidence or clarification as he deems fit from a claimant for substantiating the whole or part of the claim
Regulation No. 24 Cost of proof
1) A claimant shall bear the cost of proving its claim
2) Costs incurred by the liquidator for verification and determination of a claim shall form part of liquidation cost
Provided if a claim or part of the claim is found to be false, the liquidator shall endeavor to recover the costs incurred for verification and determination of claim from such claimant and shall provide details of the claimant to the Board
Regulation No. 25 Determination of claim
When the amount claimed by a claimant is not precise due to any contingency or any other reason, the liquidator shall make the best estimate of the amount of the claim based on the information available with him
Regulation No. 26 Debt in foreign currency
The claims denominated in foreign currency shall be valued in Indian currency or the official exchange rate as on the date of the liquidation commencement date
The official exchange rate is the reference rate published by the Reserve Bank of India or derived such reference notes
Regulation No. 27 Periodical payments
Rent interest and such other payments are periodical in nature
A person may claim only for any amount due and unpaid up to the liquidation commencement date
Regulation No. 28 Debt payable on future time
1) A person may prove for a claim whose payment was not yet due on the liquidation commencement date and is entitled to distribution in the same manner as any other stakeholder
2) Subject to any contract to the contrary, where a stakeholder has proved that a claim under sub regulation (1) and the debt has not fallend due before distribution, he is entitled to distribution of the admitted claim reduced as follows.
Regulation No. 29 Mutual credits and set off
Where there are mutual dealings between the corporate debtor and another party, the sums due from one party shall be set off against the same due from the other to arrive at the net amount payable to the corporate debtor or to the other party
Illustration Rajesh owes Rs.1000 to the corporate debtor. The corporate debtor owes Rs.700 to Rajesh. After set off Rs.300 is payable by Rajesh to the corporate debtor.
Regulation No. 30 Verification of claims
The liquidator shall verify the claims submitted within 30 days from the last date of receipt of claims and amy either admit or reject the claim , in whole or in part as the case may be
Regulation No. 31 List of stakeholders
1) The liquidator shall prepare a list of stakeholders, category wise, on the basis of proofs of claims submitted and accepted under these regulations with-
a) the amounts of claim admitted if applicable
b) the extent to which the debts or dues are secured or unsecured if applicable
c) the details of the stakeholders and
d) the proofs admitted or rejected in part, and the proofs wholly rejected
2) The liquidator shall file the list of stakeholders with the Adjudicating authority within forty five days from the last date of receipt of claims, and the filing of the list shall be announced to the public in the manner specified in Regulation 12 (3)
3) The liquidator may apply to the Adjudicating authority to modify on entry in the list of stakeholders filed with the Adjudicating authority, when he comes across additional information warranting such modification and shall modify the entry in the manner affected by the adjudicating authority
4) The liquidator shall modify an entry in the list of stakeholders filed with the Adjudicating authority in the manner directed by the Adjudicating Authority while disposing of an appeal preferred under Section 42
5) The list of stakeholders as modified from time to time shall be-
a) available for inspection by the persons who submitted proofs of claim
b) deployed on the website, ( if any of the corporate debtor)
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