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Submission of Claims Under IBC: A Comprehensive Guide

Shruti Goel
October 10, 2023
Submission of Claims Under IBC


The Insolvency and Bankruptcy Code (IBC) of India is a landmark legislation that aims to streamline the insolvency resolution process for corporate, individuals,  and, creditors. One of the critical aspects of this code is the submission of claims by creditors. This blog will provide an in-depth understanding of the process,  including how to file a claim with IBC, time limits for the receipt of claims, submission procedures before the  Interim Resolution Professional (IRP)/Resolution Professional (RP)/ Liquidator, etc., and, the crucial question of up till how long creditors may file their claims. 

How Do I File a Claim with IBC? 

Filing a claim under IBC is a structured process that requires creditors to follow specific steps. Here's a step-by-step guide: 

1. Identification of the Debtor's Insolvency

First, ensure that the debtor is undergoing the insolvency resolution/ liquidation/ personal insolvency etc. process as per IBC. This usually happens when the debtor defaults on payments to creditors, leading to a financial crisis. 

2. Hire a Legal Expert

It's advisable to consult a legal expert or insolvency professional to assist you in the claim submission process. They can provide guidance on legal and procedural requirements and, ensure that your claim is correctly filed within the stipulated time. 

3. Complete Claim Form

Obtain the claim form as prescribed by the Insolvency and Bankruptcy Board of India (IBBI). This form typically includes details about your claim, such as the amount owed, the basis of the claim, supporting documents, and your contact and KYC information. 

4. Supporting Documents

Gather all relevant supporting documents, such as invoices, contracts, or agreements, which substantiate your claim. Ensure that you have copies of these documents to attach to your claim. 

5. Verification of Information and Documents Submitted with the Claim(s)

Carefully review and verify the information provided in the claim form. Ensure that it is accurate and complete to avoid any complications during the process. 

6. Submit the Claim

Submit the completed claim form along with the supporting documents to the IRP/  RP/Liquidator etc., handling the case. Ensure that you meet any specified deadlines for claim submission. 

7. Acknowledgment

Upon submission, the IRP/RP/Liquidator, etc., should provide you with an acknowledgment of your claim. This acknowledgment serves as evidence that your claim has been received. 

Is There Any Time Limit for Receipt of Claims by Creditors? 

Yes, there is a specific time frame within which creditors must submit their claims under IBC. As per Section 12  of the IBC, creditors must submit their claims to the IRP within 14 days of the insolvency commencement date.  The insolvency commencement date is the date on which the insolvency resolution process begins. 

This 14-day window is critical, and creditors who fail to submit their claims within this timeframe may lose their right to participate in the insolvency resolution process and the distribution of assets. 

How Do I Submit a Claim Before the IRP/RP/Liquidator? 

Submitting a claim before the Interim Resolution Professional (IRP)/Resolution Professional/Liquidator is a  crucial step in the IBC process. The IRP/RP/Liquidator etc. plays a pivotal role in managing the affairs of the debtor and overseeing the resolution process. Here's how you can submit a claim before the IRP: 

1. Contact the IRP/RP/Liquidator/ etc

Identify the IRP/RP/Liquidator etc., appointed for the insolvency case. This information is typically available on the website of the Insolvency and Bankruptcy Board of  India (IBBI).

2. Send the Claim

Prepare your claim, as discussed earlier, and send it to the IRP, etc., within the stipulated time frame. Ensure that you use the specified mode of communication, which may include email or physical mail, as directed by the IRP etc. 

3. Acknowledge Receipt

After submitting your claim, the IRP, etc., will acknowledge receipt of your claim. This acknowledgment is a crucial document that confirms your participation in the resolution process. 

4. Verification and Admission

The IRP etc., will verify the claims submitted by all creditors and admit  them based on their validity. They may seek additional information or clarification if required.

5. Creditors' Meeting

Once the claims are admitted, the IRP will convene a meeting of creditors. During  this meeting, creditors discuss the insolvency resolution plan and vote on its acceptance.

6. Distribution of Assets

If the resolution plan is approved, the assets of the debtor are distributed as per the plan, and creditors receive their dues accordingly. 

How Long Does a Creditor Have to File a Claim? 

As mentioned earlier, creditors have a time limit of 14 days from the insolvency commencement date to file their claims. This period is fixed and cannot be extended. It is crucial for creditors to act promptly and submit their claims within this timeframe to ensure their participation in the insolvency resolution process. 


Submitting claims under the Insolvency and Bankruptcy Code (IBC) is a critical step for creditors seeking to recover their dues from a debtor undergoing insolvency or liquidation process. It is essential to follow the prescribed procedures, meet the deadlines, and provide accurate and complete information to increase the chances of a successful resolution. Failure to adhere to the specified time limits can result in the loss of rights to participate in the process and recover outstanding debts. Therefore, it is advisable for creditors to seek legal guidance and professional assistance to navigate the complexities of the IBC effectively. 

About Ancoraa  

Ancoraa Resolution Pvt. Ltd., a company promoted and managed by experienced Insolvency professionals with rich experience in corporate banking, debt resolution and restructuring.  

At Ancoraa Resolution, we are a team of IPs, CAs, CS, Cost Accountants, and Lawyers with deep knowledge and practical experience in the insolvency space. The professionals on our team have extensive experience in leading,  managing, and successfully running insolvency processes across industries. 

A summary of our IP support offerings is as below: 

• Providing support resources, technology, and infrastructure to run the IBC processes from start to finish. 

• Support in preparing and making Public Announcements 

• Monitoring and managing the assets of the Corporate Debtor including control of assets

• Due diligence and collection and consolidation of financial and operational information of the  corporate debtor 

• Collation & updating of claims, preparation of the list of creditors, and filing of reports with AA

• Managing the engagements with the CoC and other stakeholders, including supporting the constitution/re-constitution of CoC and filing the necessary reports with AA, convening and managing  CoC, etc., meetings, viz. issuing meeting notices, agendas, minutes circulation, e-voting and announcing results.

Ancoraa’s flagship technology, the Rezolution Engine® – is India’s first and only ‘Resolution-as-a-Service’ platform providing a collaborative digital avenue to run the entire resolution process in compliance with the  Insolvency and Bankruptcy Code of India. Whether you are a supplier, a homebuyer, a bank, or a personal guarantor, Rezolution Engine® enables anyone to initiate an insolvency application and allows all the participants to get a single point of view to the insolvency and bankruptcy proceedings, while maintaining compliance and governance throughout the process.

About the author
Shruti Goel

Shruti is the operations specialist at Ancoraa. She is responsible for IP engagement, company research and operational excellence initiatives. She is passionate about and writes on topics of Insolvency Technology and administers Ancoraa’s flagship technology platform ‘Rezolution Engine’.

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