Uncrystallized insolvency claims for interest and loss of profit are not admissible without supporting documents or prior adjudication.

In insolvency proceedings, disputed and uncrystallized claims for interest, loss of profit and allied amounts were treated as not amenable to quantification or adjudication in the Tribunal's summary jurisdiction. The claim was raised after completion of the contract, was not supported by the documents placed before the Resolution Professional, and was not backed by prior adjudication before any competent forum. Because the claimant also failed to provide sufficient particulars for verification, the remaining claim was held inadmissible for adjudication in those proceedings and was rejected.

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Issues: Whether the applicant's remaining claim towards interest, loss of profit and allied amounts could be adjudicated and admitted by the Tribunal in the insolvency proceedings.

Analysis: The claim for interest and loss of profit was raised after completion of the contract and was not supported by the necessary documents before the Resolution Professional. The Tribunal held that such disputed and uncrystallized claims could not be quantified or adjudicated in its summary jurisdiction. It also noted that the applicant had not established the claim through prior adjudication before any competent forum and had not furnished the requisite particulars for verification.

Conclusion: The remaining claim was not admissible for adjudication in these proceedings and was rejected.

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