Section 88: Classification of Claims

1) The claims accepted, partially accepted or rejected pursuant to Section 87 shall have to be recorded separately with segregation in different titles.

2) The claims partially accepted pursuant to sub-section (1) shall have to be included in the accepted list, and the rest of the claims shall have to be included in the list of rejected claims.

3) While preparing a list of claims, the name and address of the claimant, place, date and amount of payment and whether or not collateral is there for securing the claim shall have to be clearly stated.

4) If there is a dispute as to a claim, such claim shall have to be stated in the list of disputed claims until a decision is made.

5) The Liquidator shall have to enlist the approved claims and the claims having no value fixed in the list as he/she has prescribed.

6) The claims of the secured creditors shall have to be separately classified.

7) The approved claims shall have to be listed so as to place them on priority in the payment process.