Section 12 in Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
12. Submission of proof of claims.
(1)Subject to sub-regulation (2), a creditor shall submit [claim with proof] [Substituted 'proof of claim' by Notification No. IBBI/2018-19/GN/REG031, dated 3.7.2018 (w.e.f 30.11.2016).] on or before the last date mentioned in the public announcement.(2)[ A creditor, who fails to submit claim with proof within the time stipulated in the public announcement, may submit the claim with proof to the interim resolution professional or the resolution professional, as the case may be, on or before the ninetieth day of the insolvency commencement date.] [Substituted by Notification No. IBBI/2018-19/GN/REG031, dated 3.7.2018 (w.e.f 30.11.2016).];(3)Where the creditor in sub-regulation (2) is [a financial creditor under regulation 8] [Substituted 'a financial creditor' by Notification No. IBBI/2018-19/GN/REG031, dated 3.7.2018 (w.e.f 30.11.2016).], it shall be included in the committee from the date of admission of such claim:Provided that such inclusion shall not affect the validity of any decision taken by the committee prior to such inclusion.
