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2022 (9) TMI 487 - Insolvency & Bankruptcy
Seeking to set aside the decision of the RP partially rejecting the claim of the applicant and direct him to admit the claim of applicant in entirety - direction to follow the principles of fairness, impartiality and transparency in the conduct of Corporate Insolvency Resolution Process (CIRP) - seeking to restraint RP from creating any third party interest - HELD THAT:- It is evident, on examination of the impugned order, that there is no dispute regarding payment of amount which is Rs.10 crores which was claimed by the appellant. The said amount was already received on the date of the agreement i.e. 19.07.2018 and on the basis of the said agreement earlier petition filed by the appellant was withdrawn.
So far as amount of Rs.1 crore is concerned, the impugned order categorically reflects that after deducting Rs.10 lakhs as TDS, Rs.90 lakhs was already paid to the appellant. Only for remaining amount of Rs.1 crore, two cheques of Rs.50 lakhs each were issued. Dispute is only to the said amount. On examination of the claim the RP has also accepted regarding claim of the appellant of Rs. 1 crore.
In view of the fact that the amount of Rs.10 crore was received by the appellant on 19.07.2018 and thereafter Rs.90 lacs after deducting Rs.10 lacs as TDS, it is opined that the Adjudicating Authority has rightly approved the decision of Resolution Professional by reducing appellants’ claim to Rs.1 crore only. There was no reason for the Adjudicating Authority to pass a different order. Moreover there is no dispute on approval of Resolution Plan by the Adjudicating Authority.