Revised insolvency claim computation upheld where an unchallenged arbitral award and later verification justified reduction.

A provisionally admitted insolvency claim may be revised on subsequent verification or additional material, and the Resolution Professional may rely on an unchallenged arbitral award to fix the admitted amount. Here, the claim had only been provisionally admitted, and the arbitral award quantified liability at a lower figure than the original claim. Regulation 14(2) of the CIRP Regulations, 2016 permitted revision of the claim when further material emerged, so the reduced computation was valid and there was no basis to interfere with it.

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Issues: Whether the Resolution Professional could revise the claimant's provisionally admitted claim on the basis of additional material, including the arbitral award, and whether the reduced claim amount was liable to be interfered with.

Analysis: The claim initially filed under Section 7 was only provisionally admitted and was subject to verification. The arbitral award, which had been relied upon before the Resolution Professional, quantified the liability at a lower amount than the original claim and had not been challenged. Regulation 14(2) of the Insolvency Resolution Process for Corporate Persons Regulations, 2016 permits revision of the admitted claim when additional information comes to light. The claimant, having initiated the arbitration and secured an award in its favour, could not disregard the award for the purpose of claim computation.

Conclusion: The Resolution Professional was entitled to revise the claim amount, and the reduced computation was valid.

Ratio Decidendi: A provisionally admitted insolvency claim may be revised on the basis of subsequent verification or additional material, and an unchallenged arbitral award fixing the liability can validly govern the claim amount for insolvency purposes.

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