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How to file claim as a financial creditor
01-Sep-2023 (In Bankruptcy / Insolvency Law)
With one of the builder going bankrupt.. We as buyers are advised to file form CA. I would need to understand how do we do that and what all documents are required to be sent. Do we need to notarize the form CA. And what in case if it's a joint ownership.. Should both file different form CA
As a Financial Creditor you can initiate an insolvency proceeding against the corporate debtor under Section 7 of the IBCode 2016 if you have previously issued a demand notice for recovery of a crystalized financial debt which has been defaulted with.
For doing to you have to file an application under Section 7. it would be called the Application for initiating Corporate Insolvency Resolution Process.
The application must be supported by your transactional documents to support your claim and also the demand notice and the evidence of default. These requirements are essential as they would constitute Proof of Claim. The application must conform to Rule 20 of NCLT Rules, 2016 regarding 'Procedure'.
you can appoint either a CA or lawyer to represent you and litigate your claim before the National Company Law Tribunal.
Whatever form/model of business you might operate by, the governing body of your organization must authorize such representative (CA or Lawyer) to do so. The governing body also authorize an individual (director or partner) to act as a litigant for and on behalf of the company and to sign pleadings and applications and also to give evidence as testimony or through affidavits. Basically his signature and acts will bind the creditor organization.
This there are two layers of governing body authoritzations required.
The authority may be given through a power of attorney or through board resolution to appoint your man to act as your company. a separate board resolution would be required to appoint your CA or attorney at law.
your representative will have to then appoint CA or lawyer / attorney to representative. this will be done by executing a vakalatnama or a memorandum of appearance with them, which you file along with your application as per Rule 45 of NCLT Rules, 2016 & support them with the neccessary powers of attorney or board resolution. this gives your lawyer /CA to represent you and litigate on your behalf.
For doing to you have to file an application under Section 7. it would be called the Application for initiating Corporate Insolvency Resolution Process.
The application must be supported by your transactional documents to support your claim and also the demand notice and the evidence of default. These requirements are essential as they would constitute Proof of Claim. The application must conform to Rule 20 of NCLT Rules, 2016 regarding 'Procedure'.
you can appoint either a CA or lawyer to represent you and litigate your claim before the National Company Law Tribunal.
Whatever form/model of business you might operate by, the governing body of your organization must authorize such representative (CA or Lawyer) to do so. The governing body also authorize an individual (director or partner) to act as a litigant for and on behalf of the company and to sign pleadings and applications and also to give evidence as testimony or through affidavits. Basically his signature and acts will bind the creditor organization.
This there are two layers of governing body authoritzations required.
The authority may be given through a power of attorney or through board resolution to appoint your man to act as your company. a separate board resolution would be required to appoint your CA or attorney at law.
your representative will have to then appoint CA or lawyer / attorney to representative. this will be done by executing a vakalatnama or a memorandum of appearance with them, which you file along with your application as per Rule 45 of NCLT Rules, 2016 & support them with the neccessary powers of attorney or board resolution. this gives your lawyer /CA to represent you and litigate on your behalf.
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Adv. Mrinalika Devarapalli
Mumbai | 25+ Answers
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you need to submit documents such as purchase agreement, and details of payment given, also has the building been constructed or what is the stage? In case of Joint ownership via a power of attorney, one person can file form CA on behalf of both joint owners
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Adv. Jash J. Dalia
Mumbai | 100+ Answers
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