TIMELINE FOR FILING PROOF OF CLAIMS BEFORE IRP UNDER THE INSOLVENCY AND BANKRUPTCY

CODE-2016

S.No Event Timeline Relevant Provisions

1. Initiation of insolvency Initiation of proceedings- IBC Sections 7,9,10
proceedings Day 1
1. By Financial Creditor- S.7
2. By Operational Creditor-
S.9
3. By Corporate Debtor- S.10
2. Insolvency Commencement Date Within 14 days from the IBC Sections 7,9,10
(ICD) receipt of the application

This is the date on which the

application to initiate insolvency is
admitted by the NCLT

3. Appointment of Interim Within 14 days of ICD- to be IBC Section 16(1)

Resolution Professional (IRP) appointed by NCLT
4. Public Announcement in FORM A Within 3 days of
by IRP appointment
5. Last date of submitting Proof of 1. Within the last date
Claims by creditors mentioned in the
Public
Announcement
2. Or within 90 days of
ICD
6. Verification of claims 1. Within 7 days of the
last date of receipt
of the claims
7. Term of IRP Shall continue till the date of
appointment of the
Resolution Professional
under section 22 .
IBC CIRP Regulations
Rule 6 (1)
IBC CIRP Regulations
Rule 12(2)
IBC CIRP Regulations
Rule 13
IBC Section 16(5)
[As amended on
17.8.2018- to replace
earlier term of 30
days]