Claims reflected in corporate records may require a procedural addendum to the resolution plan so creditors can reconsider.

Belated homebuyer claims that are recorded in the corporate debtor's books and information memorandum must be brought to the resolution applicant's attention so they can be addressed in the resolution plan; where payment and entry in records are established, the appropriate remedy is procedural rather than substantive. The resolution professional is directed to supply claimant details to the resolution applicant, who must prepare an addendum to the resolution plan for committee of creditors consideration within a stipulated time, and the adjudicating authority shall consider the addendum and minutes when approving the plan.

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Issues: Whether a belated claim by a homebuyer, which is reflected in the corporate debtor's records but filed after approval of the resolution plan by the committee of creditors, can be considered by directing the resolution professional to submit details to the resolution applicant and for the resolution applicant to prepare an addendum to the resolution plan for CoC consideration.

Analysis: The adjudicating tribunal examined whether the belated claim appears in the corporate debtor's records and information memorandum and compared precedents where claims reflected in records but not included in the information memorandum required remedial steps. The tribunal distinguished decisions where payment was not proved and relied on authority holding that claims reflected in the corporate debtor's records ought to be brought to the resolution applicant's notice so they can be addressed in the resolution plan. The tribunal considered the resolution plan provision extinguishing claims on the effective date but treated that provision in light of the obligation to consider claims shown in the records and the equitable impact of non-consideration. The tribunal concluded that, on the facts where the claimant's payment and entry in the records were established, the appropriate remedy is procedural: direct the resolution professional to supply details to the resolution applicant so an addendum may be prepared and placed before the committee of creditors for consideration within a stipulated time.

Conclusion: The appeal is allowed; the resolution professional is directed to submit the claimant details reflected in the corporate debtor's records to the resolution applicant, the resolution applicant shall prepare an addendum to the resolution plan and place it before the committee of creditors for consideration within the period directed by the tribunal, and the adjudicating authority shall consider the addendum and minutes when approving the resolution plan.

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