Preferential transactions and relevant time Section 43: Preferential transactions and relevant time. *43. (1) Where the liquidator or the resolution professional, as the case may be, is of the opinion that the corporate debtor has at a relevant time given a preference in such transactions and in such manner as laid down in sub-section (2) … Read more
Appeal against the decision of liquidator Section 42: Appeal against the decision of liquidator. * 42. A creditor may appeal to the Adjudicating Authority against the decision of the liquidator [accepting or] rejecting the claims within fourteen days of the receipt of such decision.
Determination of valuation of claims Section 41: Determination of valuation of claims. The liquidator shall determine the value of claims admitted under section 40 in such manner as may be specified by the Board.
Admission or rejection of claims Section 40: Admission or rejection of claims. *40. (1) The liquidator may, after verification of claims under section 39, either admit or reject the claim, in whole or in part, as the case may be. Provided that where the liquidator rejects a claim, he shall record in writing the reasons … Read more
Verification of claims Section 39: Verification of claims. *39. (1) The liquidator shall verify the claims submitted under section 38 within such time as specified by the Board. (2) The liquidator may require any creditor or the corporate debtor or any other person to produce any other document or evidence which he thinks necessary for … Read more
Consolidation of claims Section 38: Consolidation of claims. *38. (1) The liquidator shall receive or collect the claims of creditors within a period of thirty days from the date of the commencement of the liquidation process. (2) A financial creditor may submit a claim to the liquidator by providing a record of such claim with … Read more
Powers of liquidator to Section 37: Powers of liquidator to access information. *37. (1) Notwithstanding anything contained in any other law for the time being in force, the liquidator shall have the power to access any information systems for the purpose of admission and proof of claims and identification of the liquidation estate assets relating … Read more
Liquidation estate Section 36: Liquidation estate. *36. (1) For the purposes of liquidation, the liquidator shall form an estate of the assets mentioned in sub-section (3), which will be called the liquidation estate in relation to the corporate debtor. (2) The liquidator shall hold the liquidation estate as a fiduciary for the benefit of all … Read more
Powers and duties of liquidator Section 35: Powers and duties of liquidator. *35. (1) Subject to the directions of the Adjudicating Authority, the liquidator shall have the following powers and duties, namely:— (a) to verify claims of all the creditors; (b) to take into his custody or control all the assets, property, effects and actionable … Read more
Appointment of liquidator and fee to be paid Section 34: Appointment of liquidator and fee to be paid. *34. (1) Where the Adjudicating Authority passes an order for liquidation of the corporate debtor under section 33, the resolution professional appointed for the corporate insolvency resolution process under 1[Chapter-II 2[or for the pre-packaged insolvency resolution process … Read more