https://www.taxtmi.com/caselaws?id=100005 Under the Electricity Act and the U.P. amendment regime, arrears of electricity charges due from consumers before takeover were not treated as part of the "undertaking" purchased by the Board because the statutory scheme referred to physical and operational assets, not book debts. Those arrears therefore remained assets of the company in liquidation. After takeover, the Board's collection of those sums was treated as collection on behalf of the company, and it was required to account to the liquidators with interest. Set-off was unavailable because the amounts collected were not the Board's own debt. en-us Thu, 10 Jul 1980 00:00:00 +0530 Mon, 30 Jan 2012 18:18:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100005 Under the Electricity Act and the U.P. amendment regime, arrears of electricity charges due from consumers before takeover were not treated as part of the "undertaking" purchased by the Board because the statutory scheme referred to physical and operational assets, not book debts. Those arrears therefore remained assets of the company in liquidation. After takeover, the Board's collection of those sums was treated as collection on behalf of the company, and it was required to account to the liquidators with interest. Set-off was unavailable because the amounts collected were not the Board's own debt. Case-Laws Companies Law Thu, 10 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100005