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Section 40 : Admission or rejection of claims

(1) The liquidator may, after verification of claims under section 39, either admit or reject the claim, in whole or in part, as the case may be:

Provided that where the liquidator rejects a claim, he shall record in writing the reasons for such rejection.

(2) The liquidator shall communicate his decision of admission or rejection of claims to the creditor and corporate debtor within seven days of such admission or rejection of claims.


Insolvency and Bankruptcy Code 2016

Section 31 Approval of resolution plan

Section 32 Appeal

Section 33 Initiation of liquidation

Section 34 Appointment of liquidator and fee to be paid

Section 35 Powers and duties of liquidator

Section 36 Liquidation estate

Section 37 Powers of liquidator to access information

Section 38 Consolidation of claims

Section 39 Verification of claims

Section 40 Admission or rejection of claims

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