Section 28 in Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017
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.
