IBC Claim Verification in 2026: A Practical Guide for Creditors | ASC Group

When a company enters the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC), one of the most important steps is identifying the genuine claims of creditors. The process of claim verification helps establish the amount actually owed by the corporate debtor and ensures that creditors are appropriately considered during the insolvency proceedings.

For creditors, submitting a claim is not simply about stating an amount. The claim needs to be supported by relevant records and examined in accordance with the applicable insolvency framework.

What Is Claim Verification Under IBC?

Claim verification is the process through which the Interim Resolution Professional (IRP) or Resolution Professional (RP) examines claims submitted by creditors during CIRP.

The objective is to determine whether a debt exists, the amount payable, and the appropriate classification of the creditor's claim. The RP may consider information provided by the creditor as well as the books of accounts, financial records, agreements, bank statements, and other information available with the corporate debtor.

Under the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the IRP/RP is responsible for verifying claims and maintaining an updated list of creditors.

Why Is Claim Verification Important?

The accuracy of creditor claims directly affects the insolvency process. Verified claims can influence the constitution and voting share of the Committee of Creditors (CoC), where applicable, and help establish the financial position of the corporate debtor.

A claim supported by incomplete or inconsistent records may face difficulties during verification. Therefore, creditors should ensure that their claim is properly calculated and supported with documentary evidence.

Understanding the Claim Verification Process

The Claim verification process generally starts when creditors submit their claims in the prescribed manner along with supporting documents.

The IRP or RP then examines the information to establish the existence and amount of the debt. This may include checking contracts, invoices, loan documents, account statements, payment records, and correspondence between the parties.

If discrepancies are identified, the RP may seek clarification or additional information. After examining the available evidence, the claim may be admitted fully or partly, or an amount may remain unadmitted or subject to further verification depending on the circumstances.

The list of creditors is updated as required when additional information becomes available.

Can Creditors Check Claims Online?

The growing use of digital platforms has made insolvency-related information more accessible. Claim verification online can assist stakeholders in reviewing publicly available information concerning claims in specific insolvency proceedings.

However, creditors should understand that information displayed online does not necessarily mean that a claim has been finally admitted. The actual status depends on the verification carried out by the concerned IRP/RP and the evidence available in that particular CIRP.

Documents Required for Claim Verification

Proper documentation can make the verification process smoother. Depending on the nature of the claim, creditors may need documents such as:

• Loan or financing agreements
• Invoices and purchase orders
• Bank statements and payment records
• Ledger accounts and reconciliation statements
• Contracts and supporting correspondence
• Security documents, where applicable
• Acknowledgements of debt
• Relevant statutory or employment records

The documents should be consistent with the amount being claimed and should clearly establish the underlying transaction or liability.

What If the Claimed Amount Is Not Fully Admitted?

The amount submitted by a creditor may not always be admitted in full. Differences may occur due to inadequate supporting evidence, calculation errors, disputed amounts, contingencies, or information identified during the verification exercise.

Creditors should therefore review the basis of their claim carefully before submission and retain relevant records in case clarification or additional evidence is required.

Conclusion

Claim verification is a fundamental part of the CIRP framework because it helps establish legitimate creditor claims and supports a more transparent insolvency process. Creditors should submit accurate claims within the applicable timelines and maintain complete supporting documentation.

Navigating IBC requirements can be complex, particularly when claims involve multiple transactions or extensive documentation. ASC Group provides professional assistance to businesses and stakeholders seeking guidance on insolvency-related compliance, documentation, and claim-related matters.