Difference in Treatment of Claim by the Liquidator and the IRP

In the Corporate Insolvency Resolution Process (CIRP) initiated under the I&B Code 2016 (Code), Claims are a very important concept in the IBC regime. Sections 18 and 25 of the Insolvency and Bankruptcy Code, 2016 (IBC) lay down the duties of an interim resolution professional (IRP) and a resolution professional (RP) respectively. The provisions of Code strive on the protection of interest of creditors of a company which is under CIRP while completing the insolvency resolution process in a time-bound manner. The IBC is fortified with mechanisms to reduce and efficiently deal with the rejection of claims, creditors whose claims are rejected would continue to face prejudice.