'Section 38 of the IBC 2016 prescribes a time period for the collection of claims by the liquidator. It also specifies the methods by which different categories of creditors can submit and prove their claims.' Elucidate.

Section 38 of the IBC, 2016 prescribes a time period for the collection of claims by the liquidator. It also specifies the methods by which different categories of creditors can submit and prove their claims. Receipt or collection of claims - Section 38(1) provides that the liquidator shall receive or collect the claims of creditors within a period of thirty days from the date of the commencement of the liquidation process. Submission of claim by financial creditor -According to section 38(2) , a financial creditor may submit a claim to the liquidator by providing are cord of such claim with an information utility. In cases where the information relating to the claim is not recorded in the information utility, the financial creditor may submit the claim in the same manner provided for the submission of claims for the operational creditor under sub-section (3). Submission of claim by operational creditor - An operational creditor may submit a claim to the liquidator in such form and in such manner and along with such supporting documents required to prove the claim as may be specified by the Board. [Section 38(3)]. Claims by creditor who is partly a financial and partly an operational creditor - A creditor who is partly a financial creditor and partly an operational creditor shall submit claims to the liquidator to the extent of his financial debt in the manner as provided in sub-section (2) and to the extent of his operational debt under sub-section (3). [Section 38(4)] Withdrawal or variation of claims - A creditor may withdraw or vary his claim under section 38 with in fourteen days of its submission. [Section 38(5)]