https://www.taxtmi.com/caselaws?id=96847 The court dismissed the creditor's appeal against the Official Liquidator's decision to appropriate the fixed deposit to offset the liability from a guarantee. The court clarified that the Limitation Act does not extinguish the debt but only bars the remedy, allowing the debt to persist. It emphasized the distinction between set-off in insolvency proceedings under the Companies Act and civil suits under the Civil Procedure Code, affirming the Official Liquidator's authority to set off debts in the context of insolvency. en-us Fri, 14 Feb 1941 00:00:00 +0530 Wed, 11 Jan 2012 15:32:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96847 The court dismissed the creditor's appeal against the Official Liquidator's decision to appropriate the fixed deposit to offset the liability from a guarantee. The court clarified that the Limitation Act does not extinguish the debt but only bars the remedy, allowing the debt to persist. It emphasized the distinction between set-off in insolvency proceedings under the Companies Act and civil suits under the Civil Procedure Code, affirming the Official Liquidator's authority to set off debts in the context of insolvency. Case-Laws Companies Law Fri, 14 Feb 1941 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96847