Please note the following provisions of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 shall apply to the IL&FS claims process with respect to the submission of claims with proof, determination of amount of claim, and other relevant matters.
Regulation 7- Claims by Operational Creditors
Regulation 8- Claims by Financial Creditors
Regulation 8A- Claims by creditors in a class
Regulation 9- Claims by workmen and employees
Regulation 9A- Claims by other creditors
Regulation 10-Substantiation of Claims
Regulation 11- Cost of proof
Regulation 14- Determination of amount of Claim
Regulation 15-Debt in Foreign Currency (The claims denominated in foreign currency shall be valued in Indian currency at the official exchange rate as on15th October 2018.)
Regulation 28 – Transfer of debt due to creditors
For further details on the above stated regulations please refer to the below link- https://ibbi.gov.in/uploads/legalframwork/2020-04-27-114849-uqs43-ca9a1f1f849a43f3290c4b9512d0c863.pdf
Pursuant to the public advertisement dated August 14, 2020; the creditors of the IL&FS Group companies are to submit their claim in respect of liabilities due up to and including October 15, 2018. These are the liabilities accruing on account of goods/ services / loans and other funding provided up to and including October 15, 2018 but not yet paid as at October 15, 2018, even though the liability may have been discharged by the Company subsequent to October 15, 2018. Therefore, in arriving at the amount of your claim, please include all liabilities due as at October 15, 2018. Payments received against these liabilities post October 15, 2018 are not relevant for the purpose of determining your claim as at October 15, 2018 and should not be deducted from the position as at October 15, 2018.
Financial creditors in a class e.g. bond or debenture holders
Please note that if you are a creditor in a class (debentures), as understood in the context of section 21 6(A) (a) of the Insolvency and Bankruptcy Code, 2016, the concerned IL&FS group entity has agreed with the Trustee appointed in respect of the class that it shall submit claims on behalf of all creditors in the class. Please do not submit an individual claim. In case a debenture holder wishes to make enquiries about his / her claim, they should contact their appointed Trustee directly.
Under rules applicable for Phase III- please change the note under Employee claims to the following-
Please note that the concerned IL&FS group entity shall facilitate submission of claims on behalf of all employees. Therefore, please do not submit an individual claim – there is no need to do so. Incase an employee wishes to make enquiries about his / her claim, they should contact the IL&FS HR department on the following email id- firstname.lastname@example.org