IRP can reduce admitted claim based on Arbitration award

Intec Capital Ltd Vs Uday Kumar Bhaskar Bhat  (NCLAT Delhi)

Appellant challenging the order contends that the Resolution Professional has no jurisdiction to change/reduce the claim amount after he has once admitted the claim. He further submits that the reliance of the Resolution Professional on the award dated 19.01.2018 was misplaced, since the award would have been relevant only if the Appellant has initiated proceeding for recovery of amount, however, the said award is not relevant when the claim is made by the Appellant before the IRP.

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