meeting of CoC was called on 25.03.2022 which was attended by an authorize representative of the Applicant. However, the Respondent IRP has not followed the proper procedure while conducting the CIRP. The Respondent IRP communicated resolution of the CoC dated 29.06.2022, mentioning therein that the resolution of the of the Board of the Director’s had not authorized, the Applicant i.e. Intec Capital Limited to disburse a loan of Rs. 1,30,00,000/- to Atharva Associates. The Respondent IRP further communicated vide E-mail dated 19.04.2022, stating that the claim of the applicant has been accepted to the tune of Rs. 3,16,90,306/- only as against the original claims, that has of Rs. 6,52,42,330/- The Applicant claims that the IRP has reduced the voting rights of the Applicant from 100% to 33.88% which against law and arbitrary. The IRP had ascertained the amount of Rs. 3,16,90,306/- on the basis of some arbitration award dated 19.01.2018 whereby, the Corporate Debtor was held liable to pay the principle amount of Rs. 1,35,35,770/- alongwith future interest at the rate of 19% per annum w.e.f 16.08.2017. According to the applicant, IRP has absolutely no right to modify or reduce the claim amount thus the act of the IRP is totally against law. The IRP has no adjudicatory powers and is acting ground his brief and with a malicious intention. The applicant has further, stated that when the Respondent was requested to call a second CoC meeting to discuss the matter, the IRP wrote an E-mail dated 15.04.2022 stating that he would call the second CoC meeting only after verifying the claim of another Financial Creditor i.e., Pravara Shakari Bank Limited. In the end, the Applicant has requested that IRP be directed to accept the claim of the applicant to the extent of Rs. 6,52,42,330/- and be further directed to determine the voting share of the Applicant accordingly.
