Resolution Professional has vested with the power to revise the claim on the basis of the documents on record – Bharat Bhushan, Proprietor of Sai Traders Vs. Samtex Desinz Pvt. Ltd. – NCLT New Delhi Bench Court-VI

NCLT New Delhi Bench Court-VI held that: (i) CIRP Regulation 14(2) provides as to how the claim amount has to be determined. (ii) The RP has vested with the power to revise the claim on the basis of the documents on record. (iii) upon re-verification, it was found that the Applicant had not disclosed the facts of raising various debit notes, by the corporate debtors. It is stated by the RP that after adjusting the Debit Notes raised by the Corporate Debtors, the Ledger Accounts maintained by the Corporate Debtor in regard to the Applicant shows a balance payment of INR 34,049.19 only and the same was revised as per law. (iv) the RP has not acted ultra vires, and we see no arbitrariness or illegality in the verification process followed by the Resolution Professional.

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