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Frequently Asked Questions (FAQs) for filing of creditors claims

This document is designed to help answer questions of creditors who may have queries on Essar Steel India Limited’s public announcement relating to commencement of Corporate Insolvency Resolution Process (“CIRP”) in accordance with the Insolvency and Bankruptcy Code, 2016 (“IBC”).

Our views on certain frequently asked questions (FAQs) are set our below. Please note that our views have been provided only as practical guidance and for information purposes only. The views expressed by us do not in any way constitute legal advice. Your rights in the CIRP depend substantially on the filing of proper proof of claims and we strongly recommend that you obtain independent legal advice before submitting any proof of claims

1. What was the public announcement of Essar Steel India Limited?

A public announcement has been duly made for the attention of creditors of Essar Steel India Limited (“ESIL”) in accordance with the provisions of the IBC and the regulations made thereunder, notifying the creditors that the National Company Law Tribunal (“NCLT”), Ahmedabad Bench, has ordered the commencement of CIRP against ESIL on August 2, 2017 and that the creditors may submit their respective proofs of claim against ESIL to the interim resolution professional (“IRP”).

  • Click here for NCLT order dated August 2, 2017
  • Click here for public announcement dated August 5, 2017

2. How do I file a claim as a creditor?

The creditors of ESIL are requested to submit a proof of their claims on or before August 16, 2017 in the prescribed form, to the Interim Resolution Professional (“IRP”) at the address given below through i) electronic means only (if you are a financial creditor), and (ii) in person, by post or by electronic means (if you are an operational creditor)

NAME:

Mr. Satish Kumar Gupta

ADDRESS:

C/o Alvarez & Marsal India Private Limited.

Units 703 & 704, 7th Floor, Tower A,

Peninsula Corporate Park, Ganpatrao Kadam Marg,

Lower Parel (West), Mumbai – 400013

EMAIL ADDRESS:

ip.essarsteel@gmail.com

REGISTRATION NO.:

IBBI/IPA-001/IP-P00023/2016-2017/10056

The proof of claims is to be submitted by way of specified forms along with affidavit (witnessed by a notary or oath commissioner) and relevant documentary proof in support of the claim, as prescribed under Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

3. Where will I get the claim forms and how can I file an online claim?

The forms can be downloaded from the website http://ibbi.gov.in/ (Insolvency and Bankruptcy Board of India).

You can also find those claim forms at the links below:

Click here for the Form B – for claims by operational creditors (except workmen and employees)

Click here for the Form C – for claims by financial creditors

Click here for the Form D – for claims by workmen and/or employees

Alternatively, you can also submit your claims online by clicking on the links set out below. After completing the information in the claim form, you will be able to print it. You are required to submit a scanned copy of the signed and printed form with an affidavit (witnessed by a notary or oath commissioner) and documentary proof in support of your claim to the IRP in person, by post or by electronic means (if you are an operational creditor) and by electronic means only (if you are a financial creditor) at the address mentioned above. Submission of online claims will assist with efficient coordination and correspondence.

Please find below the link for online submission of claim form:

Click here for accessing online claim form for operational creditor (except workmen or employees)

Click here for accessing online claim form for financial creditor

Click here for accessing online claim form for workmen or employees

4. Which documents and support should I attach along with claim form while submitting to the IRP?

Please find below a list of supporting documentary evidence. This will reduce ambiguity and enable prompt admission of claims.

Operational Creditor

  • Authorized contract / purchase order for the supply of goods and/or services 
  • Proof of delivery/ work completion certificate
  • Invoices
  • Ledger statement of Essar Steel India Limited in your books indicating outstanding receivables
  • Order of a court or tribunal that has adjudicated upon the non-payment of a debt

Financial Creditor

  • Financial contract supported by financial statements as evidence of the debt
  • Records evidencing that the amounts committed by the financial creditor to the corporate debtor under a facility has been drawn by the corporate debtor
  • Financial statements showing that the debt has not been repaid
  • Order of a court or tribunal that has adjudicated upon the non-payment of a debt

Workmen & Employees

  • Proof of employment such as valid contract of employment
  • Notice demanding payment of unpaid dues and any documentary or other proof that payment has not been made
  • Order of a court or tribunal that has adjudicated upon the non-payment of a dues

5. Do I still need to send the hard copy of documents if I have already submitted the claim form along with relevant supporting documents through an email?

It is recommended to send the hard copy of the notarized affidavit document along with the supporting documents to the IRP’s address mentioned in FAQ No# 2 above.

6. I have already sent the detailed listing of invoices outstanding to IRP. Would I still need to fill and submit my claim?

Yes. Your claims will not be acknowledged until the receipt of a completed appropriate form along with signed affidavit and relevant supporting documents, as prescribed by Insolvency and Bankruptcy Board of India (“IBBI”).

7. We have already performed the work for Essar Steel India Limited without a work order or an agreement. Kindly explain the process for submitting such claims.

In the absence of documentary evidence proving your claim, you are not barred from submitting a proof of claim. However, in such cases we strongly advice that you seek independent legal advice before submitting the claim thereof (if any).

8. What date should be considered to determine the claim amount? 

All claims should be as of August 2, 2017. 

9. I am a shareholder of Essar Steel India Limited. Should I file the claim form? Which one?

The claims are for creditors only. However, you may want to consult your own advisors and/or legal counsel, in order to determine if you could make a claim.

10.  I am a supplier to Essar Steel India Limited and have outstanding due against the company. Considering that company is going through insolvency resolution process, should I stop supplying the goods / services to the company?

As you may be aware, Essar Steel India Limited has faced several external challenges which had an adverse impact on its profitability and ability to repay debt. The Ahmedabad bench of NCLT ordered the initiation of CIRP on August 2, 2017 based on the insolvency petition application filed by the lenders (banks). The objective of the CIRP is to facilitate a sustainable resolution plan for the company. Till such time as a resolution plan is approved by the NCLT, the IRP (and the resolution professional) is duty bound to run the operations of ESIL as a going concern in furtherance of which ESIL is entitled to continue contracting with you. Further, any dues accruing to you on account of provision of goods and services during the CIRP will be categorized as ‘insolvency resolution process costs’ under the IBC and will be accorded higher priority in payment in any resolution plan and on liquidation.

We wish to place on record the unstinted support which we have and are receiving from our valued suppliers like you and look forward to the same during the CIRP and beyond

11. Will we receive an acknowledgement for the submitted claims? What is the status of the claim submitted by us?

Updates on the status of claims received is hosted on the website (http://www.essarsteel.com/upload/pdf/EssarSteel_Creditors_List2.pdf) of Essar Steel India Limited. You may access the link to confirm the status of your claim.

12. I have already submitted the claim in hardcopy, do I still need to submit the claim form online?

No, if you have already submitted the claims through hard copy, you are not required to submit the online claim form.

13. I have submitted the claim form online; do I still need to send you the claim through hardcopy or email?

Yes. After completing the information in the claim form available online, you should print it. You are required to submit a scanned copy of the signed and printed form with an affidavit (witnessed by a notary or oath commissioner) and documentary proof in support of your claim to the IRP in person, by post or by electronic means (if you are an operational creditor) and by electronic means only (if you are a financial creditor) at the address mentioned above. 

14. Is it mandatory for me to have affidavit notarized on a stamp paper?

Yes. You must have your affidavit notarized on a stamp paper.


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