Soon after confusion prevailed among the homebuyers, who have invested in Jaypee projects, regarding which form to use for making their claims, the Insolvency and Bankruptcy Board of India (IBBI) on Wednesday introduced a new form (Form F) for submission of claims by creditors other than financial and operational creditors.
In a press release, IBBI said that Section 18 (1) of the Insolvency and Bankruptcy Code, 2016 (Code), inter alia, provides that an interim resolution professional shall “collect all information relating to the assets, finances and operations of the corporate debtor for determining the financial position of the corporate debtor …” and “receive and collate all the claims submitted by creditors to him, pursuant to the public announcement made under sections 13 and 15”. These provisions envisage submission and collation of all claims from all creditors. All creditors, including operational creditors and financial creditors, need to submit claims to the interim resolution professional.
The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 provide for Forms for submission of claims by operational creditors (including workmen and employees), and financial creditors.
“There could be claims from a creditor who is not a financial creditor or an operational creditor and it needs a specific form for submitting its claim. The Insolvency and Bankruptcy Board of India has amended these regulations to provide for a form (Form F) for submission claims by creditors other than financial and operational creditors,” it said.
It may be noted that earlier there was some confusion among homebuyers regarding the forms as three forms have been issued for submission of claims: Form B, Form C, and Form D. While Form B is meant for claims by operational creditors, Form C is for claims by financial creditors, and Form D is for claims by workmen and employees.
A Times of India report earlier said that confusion had arisen over forms because the law makes a distinction between financial creditors, which are banks, and operational creditors, when it comes to filing an insolvency petition. However, to give some relief to homebuyers, the Interim Resolution Professional (IRP) had decided to accept whichever form their claims are filed in – either Form B or Form C.
According to sources, IRP will continue accepting claims made in forms other than Form F. However, claims have to be made latest by August 24 as decided earlier.