valid as on 19/04/2021

IBC Section 54G-List of claims and preliminary information memorandum.

(1) The corporate debtor shall, within two days of the pre-packaged insolvency commencement date, submit to the resolution professional the following information, updated as on that date, in such form and manner as may be specified, namely:—

(a) a , along with details of the respective creditors, their security interests and guarantees, if any; and

(b) a preliminary information memorandum containing information relevant for formulating a resolution plan.

(2) Where any person has sustained any loss or damage as a consequence of the omission of any material information or inclusion of any misleading information in the list of claims or the preliminary information memorandum submitted by the corporate debtor, every person who—

(a) is a promoter or director or partner of the corporate debtor, as the case may be, at the time of submission of the list of claims or the preliminary information memorandum by the corporate debtor; or

(b) has authorised the submission of the list of claims or the preliminary information memorandum by the corporate debtor, shall, without prejudice to section 77A, be liable to pay compensation to every person who has sustained such loss or damage.

(3) No person shall be liable under sub-section (2), if the list of claims or the preliminary information memorandum was submitted by the corporate debtor without his knowledge or consent.

(4) Subject to section 54E, any person, who sustained any loss or damage as a consequence of omission of material information or inclusion of any misleading information in the list of claims or the preliminary information memorandum shall be entitled to move a court having jurisdiction for seeking compensation for such loss or damage.

Inserted vide The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 dated 04.04.2021. To view the notification, Click Here
Refer regulation 20 of Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021. To view the regulation,Click Here

2.16.20. Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021

(1) The corporate debtor shall submit a list of claims under sub-section (1) of section 54G in to the resolution professional.

(2) Based on the records of the corporate debtor and other relevant material available on record, the resolution professional shall confirm the details received in .

(3) The resolution professional shall inform every creditor regarding its claims, as confirmed by him, and seek objections, if any.

(4) A creditor may submit objection along with supporting documents to the resolution professional within seven days from the receipt of communication under sub-regulation (3).

(5) The resolution professional may call for such other evidence or clarification as he deems fit from a creditor for substantiating the whole or part of its claim.

(6) The resolution professional shall consider every objection received under sub-regulation (4) and modify the claim of the creditor, if required.

(7) A creditor shall update its claim, as and when the claim is satisfied, partly or fully, from any source in any manner, after the pre-packaged insolvency commencement date.

(8) The resolution professional shall maintain a list of claims in and update it as and when required.

(9) shall be –
(a) available for inspection by the creditors, members, partners, directors and guarantors of the corporate debtor;
(b) displayed on the website, if any, of the corporate debtor;
(c) filed with the Board on electronic platform; and
(d) presented at the meetings of the committee, as and when updated.

Inserted vide Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021 dated 09.04.2021. To view the notification, Click Here.
To view the Form included in the Schedule, Click Here.
To view the Form included in the Schedule, Click Here.
To view the Form included in the Schedule, Click Here.
To view the Form included in the Schedule, Click Here.

The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 dated 04.04.2021


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