IBC 40 — Admission or rejection of claims

Insolvency & Bankruptcy Code, 2016

Statutory text

(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  for  such rejection.
(2) The liquidator shall communicate his decision of admission or rejection of claims to the creditor and corporate debtor within seven days of such admission or rejection of claims.

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