If the list of creditors shows your claim admitted at less than you paid, or still under verification, you challenge it in two steps: a letter to the interim resolution professional with the documents that prove the shortfall, and if that is not enough, an application to the National Company Law Tribunal under section 60(5) of the Insolvency and Bankruptcy Code, 2016. An Explanation added to section 18(b) by the Insolvency and Bankruptcy Code (Amendment) Act, 2026, in force from 26 May 2026, says the interim resolution professional, while collating claims, shall verify them and, if required, determine their value. And since 2 June 2026 regulation 13(1A) of the CIRP Regulations has required him to admit or reject each claim, in whole or in part, and to send you the decision with reasons within seven days of making it. Ask for those reasons first: these show what is still to be proved.
Part of the property and real estate practice at S Jain & Attorneys, Bangalore.
This article is for an allottee who filed Form CA in a builder's insolvency. If you have not filed yet, begin with our article on filing Form CA, and if the dispute is about the form or the category, not the amount, see Form F or Form CA first.
The list uses the format the Insolvency and Bankruptcy Board of India prescribed in Circular IBBI/CIRP/47/2021. For an unsecured financial creditor in a class, the usual place for an allottee, your row shows these columns:
| Column on the list | What it tells you | Check it against |
|---|---|---|
| Amount of claim admitted | The debt on the insolvency commencement date, in the professional's view | Each instalment, its receipt and its bank debit |
| % of voting share in CoC | Your weight in the class, printed among the details of the admitted claim | Whether it moves after a correction |
| Amount of contingent claim | A part that depends on an uncertain event | How he estimated it |
| Mutual dues that may be set off | What he says you owe the company | Your agreement's payment schedule |
| Amount of claim not admitted | The part he has rejected | His written reasons |
| Amount of claim under verification | The part he has not yet decided | What he still needs, and by when |
| Remarks | Often the note on how interest was computed | The interest or compensation clause in your agreement |
The regulations put short time limits on those columns.
Seven days to verify
Regulation 13(1) requires every claim to be verified, as on the insolvency commencement date, within seven days from the last date for receiving claims.
Reasons within seven days
Regulation 13(1A) requires the professional to admit or reject each claim, in whole or in part, and send the decision with reasons within seven days of making it.
Three days to refile
The Board's 2021 circular requires the professional to file the list, and every modification of it, on the Board's platform within three days of preparing it.
Weight tracks the admitted figure
Your voting share is printed among the details of the admitted claim, so money still under verification or not admitted should add nothing to your weight in the class.
Where do I see what the IRP admitted, and what does "under verification" mean?
On the list of creditors, and "under verification" means that part of your claim is still undecided. Regulation 13(2) requires the list to be available for inspection by every creditor who filed a claim, posted on the company's website if it has one, filed on the Board's platform, filed with the tribunal and put before the first meeting of the committee of creditors. The Board's 2020 circular says the platform lets stakeholders ascertain the details of their claims in one place, with a new filing after each update, so check the "as on" date at the top.
Regulation 13(1) allows seven days from the last date for receiving claims to verify them, and the Board's model timeline in regulation 40A puts that verification at the twenty-first day of the process and the first committee meeting at the thirtieth. A claim still under verification weeks after that usually means the professional awaits evidence he asked for under regulation 10, that your claim arrived late and is handled under regulation 12(1) or 13(1B), or that verification has fallen behind. Only he knows which, so ask him in writing.
Why would the IRP admit less than I paid?
Usually because the documents, or the company's own books, prove less than you believe you paid. The professional examines each claim as on the insolvency commencement date under regulation 13(1), and regulation 11 puts the cost of proving the debt on you. For an allottee, regulation 8A(2) lists the agreement for sale, the letter of allotment, the receipts for payments made, or any other document evidencing the debt. The Explanation to section 5(8)(f) of the Code deems "any amount raised from an allottee" under a real estate project to have the commercial effect of a borrowing, so the principal of your claim is what the company received from you.
A shortfall usually has one of these causes:
- A payment neither your papers nor the company's records prove, such as cash with no receipt or money paid to someone other than the company.
- An item the agreement does not provide for: in the Kolkata case examined next, the professional admitted only what the allotment letter, the agreement for sale and the general terms and conditions provided for.
- Money he says you owe the company, which you disclose at item 7 of Form CA and the list shows as mutual dues that may be set off.
- A part not yet precise, such as compensation no order has quantified, which regulation 14(1) requires him to estimate on the information he has.
- Sums that accrued after the insolvency commencement date, because the claim is valued as on that date.
The burden is not all yours. In Greater Noida Industrial Development Authority v Prabhjit Singh Soni (2024 INSC 102) the Supreme Court said the professional is under a statutory obligation to collate the data from the claims made before him and from the records, among them those the company maintains. A payment entered in the company's own ledger should still count even if your receipt is mislaid, so ask him to check the books.
The note says interest at eight percent from each payment date: is that all I get?
Often, yes. Eight percent is the regulations' default. It yields to a rate agreed in your contract, higher or lower, and a prior order in your favour can carry more. The CIRP Regulations fix an interest rate in only one place, regulation 16A(7): the voting share of a creditor in a class "shall be in proportion to the financial debt which includes an interest at the rate of eight per cent per annum unless a different rate has been agreed to between the parties." On its face it governs the vote, but a professional may also use it when admitting an allottee's claim where the agreement is silent, as the professional in the Kolkata case did for payments with no compensation clause. Where nothing else gives you interest, that eight percent is not a cut.
Where your agreement promises compensation for delay, expect the professional to admit that and not eight percent. In Canara Bank v Riverbank Developers Pvt Ltd, the Kolkata bench decided a section 60(5) application for allottees in the class who wanted eight percent from the date of each instalment. Their contracts provided compensation of Rs 12.50 per square foot of chargeable area per month from the scheduled date of possession. By its order of 20 April 2026 the tribunal held that the professional was correct to leave the eight percent out, because the regulation gives way where a different rate has been agreed, and adding it on top of the agreed compensation would double count the time value of money. It is the order of one bench, not of the Appellate Tribunal, but it is the reasoning you will meet.
An order made before the commencement date is stronger, because it proves the debt as it stood on that date, and the professional in the Kolkata case informed the tribunal that he had admitted claims wherever an allottee held a RERA or court decree. Interest at the RERA rate with no order is still a claim, since a claim under section 3(6) is a right to payment whether or not reduced to judgment, but the professional may estimate it under regulation 14(1) or apply your agreement's rate.
Common mistake. Adding interest at a rate of your own choosing to every instalment, on top of your agreement's delay compensation, with no order behind either. Regulation 16A(7) yields to an agreed rate, and the Kolkata bench regarded the two together as double counting.
How do I ask the IRP to correct the figure, or to decide it?
In writing, to the process e-mail address, with a reconciliation and the documents behind it. Regulation 4C requires the interim resolution professional to use one e-mail address for all correspondence with stakeholders and to hand its credentials to any resolution professional who replaces him. Regulation 10 lets him ask for other evidence or clarification to substantiate a claim, and regulation 14(2) requires him to revise when additional information warrants it. Supplying that information is the purpose of your letter.
Ask him for three items: the decision and reasons regulation 13(1A) requires, if you have not had them, a revised figure under regulation 14(2) on the documents you enclose, and the corrected list on the Board's platform within the three days the 2021 circular allows. Send it yourself, because the Clarification to regulation 16A(5) says the authorised representative has no role in receipt or verification of claims. A question shared by the whole class, such as the method used for interest, is different: regulation 16A(10)(j) lets the representative act for the class before the tribunal.
- Download your row from the company's website or the Board's platform and note the date the list was prepared.
- Build a reconciliation: every instalment in the agreement's schedule, its receipt, the debit in your bank statement and any amount your bank paid the company for you, marking each amount not admitted or under verification.
- Write to the process e-mail address with the reconciliation, the documents and the three items, quoting the interest clause or attaching the order if interest is in dispute.
- Diary the clocks: reasons within seven days of each decision, and a corrected list within three days of any change.
- If nothing arrives, or the reply ignores your documents, apply to the tribunal under section 60(5) before the committee votes on a plan.
When should I apply to the NCLT under section 60(5), and what can it do?
When the professional has rejected the correction, or failed to decide, after you have sent him the documents, and before the committee votes on a resolution plan. Section 60(5) gives the tribunal jurisdiction to dispose of "any claim made by or against the corporate debtor" and "any question of priorities or any question of law or facts" connected with the insolvency. It is filed as an interlocutory application in the company petition in which the builder was admitted, as both disputes discussed here were. Ask for specific relief, such as a direction that the professional verify the payments you list and revise the list, and annex your emails and his replies.
In the Supreme Court case, the resolution professional asked a development authority to resubmit its claim in the operational creditors' form, the claim it had filed was not decided, and the plan described the authority as a creditor that had filed no claim and put its dues at about a third of its claim. The tribunal rejected the authority's case, noting that in the seven months the claim sat undecided it had not moved against the resolution professional, and the Appellate Tribunal held it had not been diligent. It succeeded only in the Supreme Court, which held on 12 February 2024 that the error materially affected the plan, because the authority's outlay was a percentage of its dues, and returned the plan to the committee. The authority was an operational creditor, not an allottee.
Deadline warning. The plan vote is your working deadline. Regulation 13(1B) deals with late claims only up to seven days before the meeting that votes on the plan, and an approved plan binds the company's creditors under section 31(1). After approval, what is left is an appeal under section 61 within thirty days, extendable by no more than fifteen, or a recall application, a power the Supreme Court said is to be used sparingly.
What does the admitted figure decide: my vote and my share of the plan?
Both. Regulation 16A(7) ties a class creditor's voting share to its financial debt, and the Board's format prints that share among the details of the admitted claim, so money still under verification should add nothing to your weight when the class votes. The payout can track the same figure: in the Supreme Court case the authority's outlay was a percentage of the dues the plan stated, so the wrong figure cut what it would get. If you take possession in the middle of the process, regulation 12A requires you to update the claim when it is satisfied, as our article on possession while the builder is in CIRP explains.
What does a challenge cost, and how quickly is it decided?
The letter needs only the time to build the reconciliation, and the regulations expect a quick reply to it. An application under section 60(5) is contested litigation, and its cost and timetable depend on how many hearings it needs, usually months, not weeks. An appeal from the order lies within thirty days, and since 26 May 2026 section 61(6) requires the Appellate Tribunal to dispose of it within three months. These are indicative ranges only.
Where do these challenges go wrong?
Rarely on the law. A pattern we see is a list that admits most of the principal, adds interest at eight percent from each payment date, rejects a small amount, and shows other claims as under process weeks after the last date. What moves the small amount is a reconciliation with a bank debit against each receipt and a short explanation of any payment made in cash or via someone else. What does not is a forwarded chat message, a round figure no receipt supports, or a dispute first raised when the plan arrives. A figure questioned in the first days after the list is filed is far easier to correct than one questioned at the plan vote.
Most challenges rest on these documents.
The list and its date
Regulation 13(2) puts the list on the company's website if it has one, the Board's platform and the tribunal's file, so download your row and note its date.
A reconciliation
Each instalment matched to its receipt and bank debit puts the agreement for sale and the payment receipts, the proof regulation 8A(2) lists, together in one table.
The interest clause
Regulation 16A(7) counts eight percent in the vote only where no different rate was agreed, and your agreement's compensation or interest clause usually settles what the professional admits.
The written reasons
Regulation 13(1A) requires reasons within seven days of each decision, and those reasons are what a section 60(5) application has to meet.
Frequently Asked Questions
My claim still says under verification a month after the last date. Is that allowed?
Regulation 13(1) requires claims received by the last date to be verified within seven days of it, and the Board's model timeline puts verification at the twenty-first day of the process. A longer delay means the professional awaits documents under regulation 10, regards the claim as a late one, or is behind the timetable, so ask him in writing which it is.
Can the authorised representative get my admitted amount corrected?
Not your individual figure. The Clarification to regulation 16A(5) says the representative has no role in receipt or verification of claims, so write to the interim resolution professional yourself. A question affecting the whole class, such as the interest method, is one the representative can take to the tribunal under regulation 16A(10)(j).
The IRP added interest at eight percent. Can I insist on the RERA rate?
You can claim it, but the professional need not admit it on your word alone. An order awarding that interest before the insolvency commencement date proves the debt, whereas a bare claim may be estimated under regulation 14(1) or met with your agreement's own rate, and the Kolkata bench held on 20 April 2026 that eight percent on top of agreed delay compensation is double counting.
I paid part of the amount in cash. Will that be admitted?
Only if it can be verified. Regulation 11 puts the cost of proving the debt on you, so produce any paper that shows the company received the money, and ask the professional to check the company's own books, because the Supreme Court has said he is obliged to collate data from the company's records and not only from your claim.
My claim was filed in the wrong form. Will it be rejected?
Not on that ground alone. In the Greater Noida case the Supreme Court held that the form in which a claim is submitted is directory and not mandatory, and that a claim with proof has to be examined in the category to which it belongs if it is verifiable.
Can I challenge the figure after the resolution plan is approved?
Only within tight limits. Under section 31(1) an approved plan binds creditors, an appeal under section 61 lies within thirty days, extendable by no more than fifteen, and the Supreme Court has said a tribunal's power to recall its own order is to be used sparingly and on limited grounds.
Will a correction change my vote in the class?
It should. Regulation 16A(7) ties a class creditor's voting share to its financial debt, and the list prints the share among the details of the admitted claim, so an amount shifted from under verification to admitted adds to your weight.
Who do I write to if the IRP has changed?
The same process e-mail address. Regulation 4C requires the interim resolution professional to hand its credentials to the resolution professional who replaces him, so that address keeps your correspondence on file for the whole process.
This article is for general informational purposes only and does not constitute legal advice. Consult a qualified advocate for advice on your specific situation.
