Section 172 of Insolvency and Bankruptcy Code, 2016 (IBC): Proof of debt by secured creditors

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.


Reference

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

Leave a Reply

Your email address will not be published.

App

Install
×