Section 131 of The Insolvency and Bankruptcy Code, 2016.
- (1)The creditors shall register claims with the bankruptcy trustee within seven days of the publication of the public notice, by sending details of the claims to the bankruptcy trustee in such manner as may be prescribed.
- (2)The creditor, in addition to the details of his claims, shall provide such other information and in such manner as may be prescribed.
Summary
- Requires creditors to register their claims with the bankruptcy trustee.
- Establishes a strict deadline of seven days from the publication of the public notice for claim registration.
- Permits creditors to send their claim details via electronic communications, courier, speed post, or registered letter.
- Directs creditors to provide other prescribed personal information and particulars in addition to their claim details.
Practical examples
FAQ
1. How many days do creditors have to register claims under Section 131 of the Insolvency and Bankruptcy Code, 2016?
Under Section 131 of the Insolvency and Bankruptcy Code, 2016, creditors must register their claims within seven days of the publication of the public notice.
2. What are the allowed methods for sending claim details to a bankruptcy trustee under Section 131 of the Insolvency and Bankruptcy Code, 2016?
Under Section 131 of the Insolvency and Bankruptcy Code, 2016, creditors can send details of their claims using electronic communications, courier, speed post, or registered letter.
3. What must a creditor submit besides the claim details under Section 131 of the Insolvency and Bankruptcy Code, 2016?
Under Section 131 of the Insolvency and Bankruptcy Code, 2016, creditors must also provide their personal information and any other particulars as may be prescribed.
Test yourself
Q1.Under Section 131 of the Insolvency and Bankruptcy Code, 2016, within how many days of the publication of the public notice must creditors register their claims?
Q2.Under Section 131 of the Insolvency and Bankruptcy Code, 2016, which of the following is NOT mentioned as a valid method for registering claims with the bankruptcy trustee?
Q3.Under Section 131 of the Insolvency and Bankruptcy Code, 2016, what must a creditor provide to the bankruptcy trustee in addition to the details of their financial claim?
Q4.Under Section 131 and Section 130 of the Insolvency and Bankruptcy Code, 2016, the seven-day period for a creditor to register their claims with the trustee begins from which specific event?