Claim Verification

While the IBC itself does not specify claim verification services, the role of the RP includes verifying the claims submitted by creditors and conducting a thorough assessment to determine their authenticity and correctness. The RP is responsible for examining the claims, reviewing relevant documents, and assessing the supporting evidence provided by the creditors to establish the legitimacy of their claims.

The claim verification process typically involves the following steps:

1.Receipt of Claims: Creditors are required to submit their claims within a specified timeframe to the RP, providing details of their debt, supporting documentation, and any other relevant information.

2.Verification and Scrutiny: The RP examines the submitted claims, verifying the correctness of the information provided, and scrutinizing the supporting documents to determine their authenticity.

3.Rejection or Admission: Based on the verification process, the RP may either admit or reject the claims. If a claim is rejected, the RP provides reasons for the rejection to the creditor.

4.Claim Revisions: Creditors may be allowed to revise their claims if there are deficiencies or discrepancies identified during the verification process.

5.Compilation of List of Creditors: Once the claims are verified, admitted, and revised (if applicable), the RP compiles a list of creditors and the amounts due to each creditor.

It’s worth noting that claim verification services are typically carried out by the RP or the insolvency professional agency appointed for the insolvency resolution process. These professionals are responsible for ensuring a fair and transparent verification process, adhering to the provisions and guidelines outlined in the IBC and related regulations.
It’s important to consult the specific provisions of the IBC and seek advice from legal professionals or experts in insolvency matters for more precise and up-to-date information regarding claim verification services under the IBC.