Thursday, September 07, 2017

Procedure in case of Corporate Debtor under Insolvency and Bankruptcy Code, 2016

Procedure in case of Corporate Debtor under Insolvency and Bankruptcy Code, 2016
There are three types of creditors: Operational Creditor (including workmen and employees), financial creditors and creditors who do not come under the previous two categories.



The third type of category of the creditors implied to be taken as the creditors as per the notification issued by the Insolvency and Bankruptcy Board of India via its Press release dated 16th August, 2017 as The Insolvency and Bankruptcy Board of India has amended these regulations today to provide for a form (Form F) for submission of claims by creditors other than financial and operational creditors. It is still not clarified whether this third type of creditor can initiate CIRP proceedings before the NCLAT.
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