28. Mutual credits and set-off.
Where there are mutual dealings between the corporate person and another party, the sums due from one party shall be set off against the sums due from the other to arrive at the net amount payable to the corporate person or to the other party.
Illustration: X owes Rs.100 to the corporate person. The corporate person owes Rs.70 to X. After set off, Rs.30 is payable by X to the corporate person.
(1) A person, who claims to be a stakeholder, shall submit its claim, on or before the last date mentioned in the public announcement.
(2) A stakeholder shall update its claim as and when the claim is satisfied, partly or fully, from any source in any manner, after the liquidation commencement date
Inserted vide Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process)(Second Amendment) Regulations, 2026 dated 01.06.2026.To view the notification Click Here.