Section 45: To give time limit for submission of debt claim

1) The liquidator shall give notice with a time limit of fifteen days to all creditors of the company which has become insolvent to submit their respective debt claims in the prescribed format.

2) The notice given pursuant to sub-section (1) shall be published at least twice in a newspaper of national circulation.

3) The liquidator may reject any claims of the creditors who have not made a claim within the time limit referred to in sub-section (1).

Provided that where any creditor makes an application, accompanied by the reason for failure to submit his or her claim within that time limit, the liquidator may accept such claim if the contents of such application are found reasonable.