PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
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NCLAT held that, under Regulation 7 read with Form B of the CIRP Regulations and in light of the SC's recognition of contractual/equitable set-off, an operational creditor may claim set-off of mutual dues while filing its claim in CIRP. In the present case, undisputed mutual liabilities existed between the Appellant and the CD under their agreements. The RP erred in refusing to allow set-off and in not restricting the Appellant's admitted claim to the net amount after adjusting Rs. 5,56,59,526 payable by the Appellant. NCLAT held that the Appellant's claim should stand at Rs. 3,40,46,082 on a net basis, but clarified that this adjustment does not affect the approved resolution plan, its implementation, or payouts to any stakeholder. The approval of the resolution plan is maintained and the appeal is disposed of with the above modification.
NCLAT held that, under Regulation 7 read with Form B of the CIRP Regulations and in light of the SC's recognition of contractual/equitable set-off, an operational creditor may claim set-off of mutual dues while filing its claim in CIRP. In the present case, undisputed mutual liabilities existed between the Appellant and the CD under their agreements. The RP erred in refusing to allow set-off and in not restricting the Appellant's admitted claim to the net amount after adjusting Rs. 5,56,59,526 payable by the Appellant. NCLAT held that the Appellant's claim should stand at Rs. 3,40,46,082 on a net basis, but clarified that this adjustment does not affect the approved resolution plan, its implementation, or payouts to any stakeholder. The approval of the resolution plan is maintained and the appeal is disposed of with the above modification.
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