Section 48: Creditors to submit claims

1) A creditor of the company which has become insolvent shall submit a claim for the loan due and outstanding or payable by the suck company to him or her, in the prescribed format, within the time limit specified by the restructuring manager or liquidator.

2) While submitting a claim pursuant to sub-section (1), the creditor shall also submit the proof and evidence substantiating such claim, if any, where the restructuring manager or liquidator demands such proof and evidence.

3) The restructuring manager or liquidator shall examine the submitted pursuant to sub-section (2) and may accept or reject such claim wholly or partly.

4) Where the restructuring manager or liquidator accepts or rejects the claim wholly or partly pursuant to sub-section (3), the manager or liquidator shall give written information thereof, accompanied by the reasons for such acceptance or rejection, to the creditor submitting the claim no later than seven days.

5) The creditor who is not satisfied with the information received pursuant to sub-section (4) may make an application to the Appellate Court for review no later than fifteen days.

6) Even a foreign creditor who has lent money to the company pursuant to the laws in force may, if he or she has any debt claim against the company, submit a claim pursuant to this Section.