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Issues: (i) Whether the appellant established a valid and verifiable financial disbursement so as to qualify as a financial creditor; (ii) Whether the adjudicating authority erred in dismissing the claim application; (iii) Whether the claim could be entertained after approval and finality of the resolution plan.
Issue (i): Whether the appellant established a valid and verifiable financial disbursement so as to qualify as a financial creditor.
Analysis: The claim rested on alleged payments by cheque and cash, but no clear bank records, proof of cheque clearance, receipts, or other verifiable documentary evidence were produced. The asserted possession documents also conflicted with the registered agreement for sale, and the alleged cash component was found doubtful in the surrounding circumstances. The burden to establish disbursement lay on the claimant, and the record did not satisfy that burden.
Conclusion: The issue was decided against the appellant. He was not proved to be a financial creditor on the basis of any verified disbursement.
Issue (ii): Whether the adjudicating authority erred in dismissing the claim application.
Analysis: The record disclosed material inconsistencies in the appellant's case, including contradictory assertions regarding payment, possession, and the status of the claim. The resolution professional's role was only to collate claims, and the materials did not show a clear admitted claim capable of overriding those inconsistencies. The finding that the appellant had not come with clean hands also supported refusal of relief.
Conclusion: The issue was decided against the appellant. The dismissal of the claim application was upheld.
Issue (iii): Whether the claim could be entertained after approval and finality of the resolution plan.
Analysis: The resolution plan had already been approved, and the time for statutory challenge had expired before the later application was filed. A claim not crystallized or admitted within the CIRP framework cannot be reopened after approval of the plan, as doing so would undermine the finality of the resolution process and the commercial wisdom underlying the plan.
Conclusion: The issue was decided against the appellant. The belated claim could not be entertained after the resolution plan had attained finality.
Final Conclusion: The appeal failed on merits, the impugned order was found to be free from error, and the dismissal of the application was maintained.
Ratio Decidendi: A claimant seeking recognition as a financial creditor must prove actual and verifiable disbursement, and a belated claim cannot be revived after approval of the resolution plan once the CIRP has attained finality.
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