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Section 40. Admission or rejection of claims
129 Section 38 omitted by Act No. 6 of 2026, sec. 25 (w.e.f. 26-5-2026). By the Explanation inserted in section 35(1) by Act No. 6 of 2026, sec. 23(a)(iv), the omission does not apply to a liquidation process or voluntary liquidation process initiated on or before 26-5-2026. Before omission, section 38 stood as: “(1) The liquidator shall receive or collect the claims of creditors within a period of thirty days from the date of the commencement of the liquidation process. (2) A financial creditor may submit a claim to the liquidator by providing a record of such claim with an information utility: Provided that where the information relating to the claim is not recorded in the information utility, the financial creditor may submit the claim in the same manner as provided for the submission of claims for the operational creditor under sub-section (3). (3) An operational creditor may submit a claim to the liquidator in such form and in such manner and along with such supporting documents required to prove the claim as may be specified by the Board. (4) A creditor who is partly a financial creditor and partly an operational creditor shall submit claims to the liquidator to the extent of his financial debt in the manner as provided in sub-section (2) and to the extent of his operational debt under sub-section (3). (5) A creditor may withdraw or vary his claim under this section within fourteen days of its submission.” 130 Section 39 omitted by Act No. 6 of 2026, sec. 25 (w.e.f. 26-5-2026). By the Explanation inserted in section 35(1) by Act No. 6 of 2026, sec. 23(a)(iv), the omission does not apply to a liquidation process or voluntary liquidation process initiated on or before 26-5-2026. Before omission, section 39 stood as: “(1) The liquidator shall verify the claims submitted under section 38 within such time as specified by the Board. (2) The liquidator may require any creditor or the corporate debtor or any other person to produce any other document or evidence which he thinks necessary for the purpose of verifying the whole or any part of the claim.”
[Omitted.] 131
PART II / CHAPTER III LIQUIDATION PROCESS
129 Section 38 omitted by Act No. 6 of 2026, sec. 25 (w.e.f. 26-5-2026). By the Explanation inserted in section 35(1) by Act No. 6 of 2026, sec. 23(a)(iv), the omission does not apply to a liquidation process or voluntary liquidation process initiated on or before 26-5-2026. Before omission, section 38 stood as: “(1) The liquidator shall receive or collect the claims of creditors within a period of thirty days from the date of the commencement of the liquidation process. (2) A financial creditor may submit a claim to the liquidator by providing a record of such claim with an information utility: Provided that where the information relating to the claim is not recorded in the information utility, the financial creditor may submit the claim in the same manner as provided for the submission of claims for the operational creditor under sub-section (3). (3) An operational creditor may submit a claim to the liquidator in such form and in such manner and along with such supporting documents required to prove the claim as may be specified by the Board. (4) A creditor who is partly a financial creditor and partly an operational creditor shall submit claims to the liquidator to the extent of his financial debt in the manner as provided in sub-section (2) and to the extent of his operational debt under sub-section (3). (5) A creditor may withdraw or vary his claim under this section within fourteen days of its submission.” 130 Section 39 omitted by Act No. 6 of 2026, sec. 25 (w.e.f. 26-5-2026). By the Explanation inserted in section 35(1) by Act No. 6 of 2026, sec. 23(a)(iv), the omission does not apply to a liquidation process or voluntary liquidation process initiated on or before 26-5-2026. Before omission, section 39 stood as: “(1) The liquidator shall verify the claims submitted under section 38 within such time as specified by the Board. (2) The liquidator may require any creditor or the corporate debtor or any other person to produce any other document or evidence which he thinks necessary for the purpose of verifying the whole or any part of the claim.”
[Omitted.] 131