2023 (4) TMI 172 - AT - Insolvency & Bankruptcy

Reduction of claim amount - appellant contends that Resolution Professional has no jurisdiction to change/reduce the claim amount after he has once admitted the claim - HELD THAT:- The Resolution Professional has calculated the claim of the Appellant as per the award dated 19.01.2018. Appellant who has himself initiated the Arbitration Proceeding cannot deny that he is bound by the award which was delivered in his favour. Claim calculated on the basis of the award can neither be said to be incorrect nor against the materials on record. The Adjudicating Authority has rightly taken the view that no error has been committed by the Resolution Professional in reducing the amount of the claim of the Appellant.

Appeal dismissed.