Insolvency & BankruptcyPre-Packaged Insolvency Resolution Process-IV

May 10, 20210


The information with respect to list of claims, Creditors, security interests and Guarantees shall be submitted to the RP by the CD within 2 days of the commencement of the PIRP.

In case any person faces any loss due to the omission of any relevant information or due to including any misleading information in the list of claims submitted by the CD:

i.Every person who is a Promoter/Director/Partner of the Corporate Debtor at the time of submission of the list of claims or has the authorized submission of the list shall be liable to pay compensation to the person who sustained loss.

ii.No person shall be liable if they had no knowledge or did not give their consent.

The person, who has suffered the losses due to the reasons specified above, shall have the right to move the Court of competent jurisdiction in order to seek compensation subject to Section 54E of the IBC.

In the part V, we shall be dealing about the default criteria, application and non eligibility of application under PIRP.

For any query or feedback, feel free to connect with or alternatively call on 91-8448548549.

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