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2021 (11) TMI 841 - Tri - Insolvency and BankruptcyValidity of reclassification of claims of the applicants as "Other Creditors" from "Secured Financial Creditors" - revision of claim of RP - HELD THAT:- Nowhere in the agreement, it is mentioned that the loan amount was transferred to the account of the Corporate Debtor. It is contended by the Resolution Professional that examination of the Balance Sheet and other records of the Corporate Debtor suggests that the liability of the Corporate Debtor under the above loan agreements were contingent in nature and the no direct borrowings from the Applicant/Creditor was ever reflected in the financials of the corporate debtor, despite the Corporate Debtor being joint borrower under the above loan agreement. Therefore, in de facto, the liability of corporate debtor under these loan agreements was always contingent and payable only in case of the default by the direct borrower. And this is not disputed by the Applicant. For a debt to become "financial debt", the basic elements are that it ought to be a disbursal against the consideration for time value of money. Since, in the case in hand, there is no disbursal of the amount to the corporate debtor, therefore, the applicant cannot be treated as a financial creditor - the loan amount was not disbursed to the Corporate Debtor. Hence, this applicant is also not a financial creditor. Rather, the applicant is a secured creditor. Whether the RP can revise the claim or not? - HELD THAT:- A bare perusal of the Sub Regulation 2 of Regulation 14 (Supra) shows that the interim resolution professional or the resolution professional, as the case may be, shall revise the amounts of the claims admitted, including the estimates of claims made under sub regulation (1) as soon as may be practicable, when he comes across additional information warranting such revision. Application dismissed.
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