https://www.taxtmi.com/caselaws?id=106560 An admitted debt in winding-up related recovery proceedings can be enforced under section 446(2) of the Companies Act, 1956 when supported by balance-confirmation letters and admissions in the counter. Set-off or adjustment is not available unless there are mutual dealings between the same parties in the same right, so a claim referable to a third company cannot be cross-adjusted against the applicant's demand. Restrictions imposed by the respondent's financing bank do not defeat recovery of an admitted liability, as they cannot override the applicant's independent right. The court declined a broad instalment arrangement but permitted payment of the admitted amount in three equal bi-monthly instalments. en-us Mon, 10 Dec 2001 00:00:00 +0530 Wed, 14 Mar 2012 17:17:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106560 An admitted debt in winding-up related recovery proceedings can be enforced under section 446(2) of the Companies Act, 1956 when supported by balance-confirmation letters and admissions in the counter. Set-off or adjustment is not available unless there are mutual dealings between the same parties in the same right, so a claim referable to a third company cannot be cross-adjusted against the applicant's demand. Restrictions imposed by the respondent's financing bank do not defeat recovery of an admitted liability, as they cannot override the applicant's independent right. The court declined a broad instalment arrangement but permitted payment of the admitted amount in three equal bi-monthly instalments. Case-Laws Companies Law Mon, 10 Dec 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106560