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Apr 29, 2024

SC Rules That Claim Submitted by Creditor in Wrong Form Must Be Given Due Consideration

The SC, in Greater Noida Industrial Development Authority v. Prabhjit Singh Soni and Anr.,[1] held that the claim of a creditor cannot be rejected merely on the ground that the claim was submitted in a different form. The SC held that the form in which a claim is to be submitted under the Corporate Insolvency Resolution Process Regulations, 2016 (‘CIRP Regulations’) is directory and not mandatory. The SC held that what is important is that the claim is supported by proof and even if a claim submitted by a creditor is in a form not as specified in the CIRP Regulations, the same has to be given due consideration by the Interim Resolution Professional or the Resolution Professional, if it is otherwise verifiable, either from the proof submitted by the creditor or from the records maintained by the Corporate Debtor.

[1] Greater Noida Industrial Development Authority v. Prabhjit Singh Soni and Anr., 2024 SCC OnLine SC 122.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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