Financial creditor claim not admitted where repayment and adjustment were shown, and the Resolution Professional lacked power to adjudicate disputes.

A financial creditor's claim in a corporate insolvency resolution process was not admitted because the Tribunal found, on the loan documents, ledger entries, balance sheets and internal correspondence, that the corporate guarantor had already repaid the outstanding loan and that the lender's balance had been adjusted against the corporate debtor's liability. The Tribunal also reaffirmed that a Resolution Professional's role is confined to verifying and collating claims from available records and does not include adjudicating a disputed claim. On that basis, the request to admit the claim failed.

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Issues: Whether the Applicant's claim as a financial creditor in the corporate insolvency resolution process was liable to be admitted, and whether the Resolution Professional had power to adjudicate the disputed claim.

Analysis: The claim was examined against the loan documents, ledger entries, balance sheets, and the internal correspondence between the corporate debtor and its corporate guarantor. On that material, the Tribunal found that the outstanding loan had been repaid by the corporate guarantor and that the amount lying with the lender had been adjusted towards the corporate debtor's liability. The Tribunal also held that the Resolution Professional's function under the Code is limited to verifying and collating claims on the basis of available records and does not extend to adjudication of a disputed claim.

Conclusion: The claim of the Applicant could not be admitted, and the challenge seeking its admission failed.

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