Claims Of Creditors In The Resolution Process

There is an overlap of duties when it comes to adjudication of the claims of creditors. Section 18 of the Insolvency & Bankruptcy Code enumerates the duties of the interim resolution professional. It states that the interim resolution professional shall receive and collate all the claims submitted by creditors to him pursuant to public announcement made by him.¹ After the committee of creditors is constituted by the Interim Resolution Professional², a meeting of the committee of creditors is convened by him. In the first meeting, the Resolution Professional is appointed by the Committee of Creditors.³ Section 25 enumerates the duties of the Resolution Professional. It states that the Resolution Professional has to maintain the updated list of claims.⁴ After the determination of the claims of creditors, the information memorandum is prepared based on which the Resolution Plan of the Corporate Debtor is prepared.