Claim verification under IBC upheld where revised admission matched books of account and unsupported cash payments were rejected.

Under the IBC, the Interim Resolution Professional or Resolution Professional is required to collate and verify claims, seek further evidence where needed, and maintain an updated list of claims. On the facts, the Resolution Professional's revision of the creditor's admitted claim was upheld because the higher amount was not supported by the corporate debtor's books of account, and the alleged additional cash payments were not reflected in the records. The revised admission, including interest, was therefore based on available accounting material and was not found arbitrary. No direction was issued to admit the higher claimed amount.

---

---

Issues: Whether the Resolution Professional was justified in revising the applicant's admitted claim to Rs. 15,75,279 and refusing to accept the higher claim in full.

Analysis: The claim of the creditor has to be collated and verified by the Interim Resolution Professional or Resolution Professional under Sections 18 and 25 of the Insolvency and Bankruptcy Code, 2016, read with Regulations 10 and 13 of the Insolvency Resolution Process for Corporate Persons Regulations, 2016. The Resolution Professional may seek further evidence or clarification and is required to maintain an updated list of claims. In the present matter, the amount supported by the corporate debtor's books of account was only Rs. 15,29,057, while the additional cash payments relied upon by the applicant were not reflected in the records. The revised admission, including interest, was based on the accounting material available and was found not to be arbitrary.

Conclusion: The revised claim was upheld and no direction was issued to admit the higher amount claimed by the applicant.

---