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ARTICLE · 23 MARCH 2023

Acceptance Of Belated Claims: A Step Forward Or Backward?

JSA Advocates & Solicitors
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The enactment of the Insolvency and Bankruptcy Code, 2016 ("IBC") was aimed at promoting time-bound resolution of corporate debtors ("CDs").

IndiaInsolvency/Bankruptcy/Re-Structuring
Aashit Shah
Aashit Shah
Malika Tiwari
Malika Tiwari
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Introduction

The enactment of the Insolvency and Bankruptcy Code, 2016 ("IBC") was aimed at promoting time-bound resolution of corporate debtors ("CDs"). This is evident from the 2015 Report of the Bankruptcy Law Reforms Committee which highlights timely resolution of insolvency as one of the cardinal principles underlying the IBC.

In furtherance of this aim, a significant amendment was introduced to Regulation 12(2) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ("CIRP Regulations") in 2018 ("2018 Amendment"). Prior to the 2018 Amendment, Regulation 12(2) of the CIRP Regulations allowed creditors of a CD to submit their claims "till the approval of a resolution plan" by the committee of creditors ("CoC"). Consequently, the information memorandum and resolution plans in a corporate insolvency resolution process ("CIRP") were susceptible to multiple revisions to incorporate the claims

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