Public Announcement and Claims Submission in CIRP
The Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016, is a structured mechanism to resolve corporate insolvency. A critical early stage involves the public announcement of the commencement of CIRP and the subsequent submission of claims by creditors. This phase is crucial for identifying all stakeholders and understanding the financial landscape of the corporate debtor.
Public Announcement: The Official Notification
Upon admission of an application for CIRP by the Adjudicating Authority (AA), the Insolvency Professional (IP) appointed as the Interim Resolution Professional (IRP) or Resolution Professional (RP) is mandated to make a public announcement. This announcement serves as the official notification to all potential creditors and stakeholders about the commencement of the CIRP.
Claims Submission: Informing the Resolution Professional
Following the public announcement, creditors are invited to submit their claims against the corporate debtor. This is a vital step for the Resolution Professional to compile a comprehensive list of all debts and liabilities.
Verification and Constitution of Committee of Creditors (CoC)
Once claims are submitted, the Resolution Professional undertakes the crucial task of verifying them. This verification process is fundamental to the subsequent formation of the Committee of Creditors (CoC).
The timely and accurate submission of claims is paramount for creditors to have a voice and stake in the resolution process.
Key Forms and Procedures
| Creditor Type | Claim Form | Key Documents |
|---|---|---|
| Financial Creditor | Form C | Loan accounts, security creation documents, financial statements |
| Operational Creditor | Form B | Invoices, purchase orders, agreements, correspondence, payment reminders |
| Workman/Employee | Form C | Salary slips, employment contracts, PF statements, gratuity details |
Understanding the specific forms and the types of documents required for each category of creditor is essential for a smooth claims submission process. The Resolution Professional may also request additional information to substantiate claims.
To officially notify all stakeholders about the commencement of CIRP and invite claims from creditors.
Financial Creditors and Operational Creditors.
The Resolution Professional (RP) or Interim Resolution Professional (IRP).
Learning Resources
The official, consolidated text of the Insolvency and Bankruptcy Code, 2016, providing the foundational legal framework for CIRP.
Access to all regulations framed by IBBI, including those pertaining to the initiation of CIRP and submission of claims.
A practical, step-by-step guide explaining the nuances of public announcements and claims submission in CIRP.
A video explaining the overall CIRP process, including the initial stages of public announcement and claims.
A detailed article focusing specifically on the process and requirements for submitting claims by various creditors under the IBC.
An article that breaks down the CIRP, with a section dedicated to the initial steps of announcement and claim filing.
An overview of the IBC, 2016, providing context and key provisions relevant to CIRP initiation and creditor rights.
Explains the responsibilities of the Resolution Professional, including managing public announcements and claims verification.
Official rules and regulations of the National Company Law Tribunal (NCLT), which governs the admission and oversight of CIRP.
Analysis of significant court judgments related to public announcements and claims submission, offering insights into legal interpretations.