The Insolvency and Bankruptcy Code, 2016
Part-III Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms
Chapter-V Administration and Distribution of the Estate of the Bankrupt
Section 172: Proof of debt by secured creditors.
*172. (1) Where a secured creditor realises his security, he may produce proof of the balance due to him.
(2) Where a secured creditor surrenders his security to the bankruptcy trustee for the general benefit of the creditors, he may produce proof of his whole claim.
*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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