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Union of India - Section

Section 14 in The Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017

14. Restitution.

(1)Where a direction has been issued, to any person to disgorge the amount under sub-section (4) of section 220, the Board shall endeavour to realize the amount of disgorgement expeditiously.
(2)The Board shall, as soon as after the realization of the amount of disgorgement, invite claims by a public announcement from persons, who have suffered loss on account of the contravention underlying the direction under sub-section (4) of section 220, seeking restitution from the disgorged amount.
(3)The persons referred to in sub-regulation (2) shall submit claims in Form A within 30 days of the public announcement.
(4)The Board shall scrutinise the claims and prepare a list of valid claims within 30 days of the last date for receipt of claims.
(5)The Board shall disburse such amount proportionately among the claimants within 30 days of preparation of the list of valid claims.Form A(Under Regulation 14(3) of the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017)Claim under Order No... dated .......... under section 220(4) of the Code
Sl. No. Description Particulars
1. Name and Address of the Claimant  
2. Identity of theClaimant(a) Aadhaar No.(b) PAN(c) Bank account no, name of the bank, branch towhich money is to be remitted and IFSC code  
3. Please explain how you have lost money onaccount of contravention as mentioned under section 220(4)  
4. Please show computation of loss suffered by you  
VerificationI hereby verify and affirm that the contents as stated above are true and correct to the best of my knowledge and belief and no material fact has been concealed.(Signature of the Claimant)Note: If the amount of claim exceeds Rs. 10,000, this verification shall be done before a Notary for the purpose of submission of claim.