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of <h1>Court allows set-off of pronote claim against security deposit, no limitation bar, defendant can pursue balance.</h1> <h3>Eastern Mercantile Bank Ltd. Versus Krishna Menon</h3> The court ruled in favor of the bank, allowing the claim based on a pronote to be set off against the debtor's staff security deposit. The claim was not ... Winding up - Powers of liquidator The judgment is about a claim based on a pronote where the debtor argues it is barred by limitation. However, as the pronote amount was advanced against a staff security deposit, the claim is not barred by limitation. The court allows the bank's claim to be set off against the debtor's staff security, with the defendant entitled to proceed for the balance after the set-off. No costs are awarded. (Case: 1956 (12) TMI 29 - HIGH COURT OF KERALA)
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