Naveen Kumar, a Financial Creditor filed an Insolvency Application under Section 7 of Insolvency and Bankruptcy Code, 2016 against M/s ABC Private Ltd, Corporate Debtor (Defaulter) before the National Company Law Tribuna

As per regulation 12(1) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, subject to sub-regulation (2), a creditor shall submit claim with proof on or before the last date mentioned in the public announcement. However, as per regulation 12(2) a creditor, who fails to submit claim with proof within the time stipulated in the public announcement, may submit the claim with proof to the Interim Resolution Professional or the Resolution Professional, as the case may be, on or before the ninetieth day of the insolvency commencement date. Accordingly, 7th October, 2018 is last date of submission of claim. However, in many judgments, this timeline is held to be directory in nature.