Section 102 of IBC – Insolvency and Bankruptcy Code, 2016 : Public notice and claims from creditors

The Insolvency and Bankruptcy Code, 2016

Part-III Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms

Chapter-III Insolvency Resolution Process

Section 102: Public notice and claims from creditors.

*102. (1) The Adjudicating Authority shall issue a public notice within seven days of passing the order under section 100 inviting claims from all creditors within twenty-one days of such issue.

(2) The notice under sub-section (1) shall include—

(a) details of the order admitting the application;

(b) particulars of the resolution professional with whom the claims are to be registered; and

(c) the last date for submission of claims.

(3) The notice shall be—

(a) published in at least one English and one vernacular newspaper which is in circulation in the state where the debtor resides;

(b) affixed in the premises of the Adjudicating Authority; and

(c) placed on the website of the Adjudicating Authority.


Reference

*Only in so far as they relate to personal guarantors to corporate debtors, came into force w.e.f. 01.12.2019.


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