Identify the debtor and nature of the debt
Confirm the contracting entity and whether the claim arises from finance, supplied goods or services, employment, a guarantee or another relationship. Keep corporate details and documents showing who incurred the obligation.
Build the debt and default record
Collect contracts, purchase orders, invoices, delivery or performance evidence, account statements, bank records, acknowledgements, security and demand correspondence. Prepare a transparent calculation of principal, interest and credits.
Check disputes and other proceedings
Record objections raised before the demand, quality or performance allegations, set-offs, arbitration or litigation and settlement discussions. These facts can affect whether an insolvency route is appropriate.
Distinguish a new filing from a claim in an existing process
If a public announcement has already been made, the creditor may need to use the applicable claim form and submit evidence to the insolvency professional. A proposed new application involves different statutory and tribunal requirements.
Use current IBBI and NCLT materials
Forms, regulations, orders and filing arrangements change. Check the current IBBI legal framework and the relevant NCLT bench information and have an IBC lawyer verify the route and deadline.
Key takeaways
- Identify the correct debtor
- Prove both debt and default
- Disclose existing disputes
- Use the correct filing or claim route
- Check current IBBI and NCLT materials
Official sources
This is general information, not legal advice. Laws, procedures and deadlines vary by location and circumstances. Sources and procedures should be checked for later updates.
Back to all legal guides