inadvertence the petitioners did not seek the relief of 'equitable set-
off'. It is noted that on August 27, 2019 the respondent / STCI ... seeking to amend the SOD.
By virtue of the said amendment, equitable set-off was sought to be
added in the SOD thereby seeking
written statement of the
defendant setting up any case of legal setoff, or counterclaim or equitable setoff.
The Order 8 Rule ... further consider
the case of the defendant being a case of equitable setoff, the equitable setoff cannot
be claimed as a matter
this is in
contravention of the law on adjustments and equitable set off. The Claim
was allowed in the teeth of Clause
considered the principle of 'Statutory set
off' and 'equitable set off' vis-a-vis Order 8 Rule ... this Court ruled that a
plea in the nature of equitable set-off is not available
when the cross-demands do not arise
respect of which Nimbus India's plea of equitable set
off is exfacie untenable.
37. Setoff is like a cross suit ... held that the Nimbus India's
plea of equitable setoff is exfacie untenable. It was observed that
setoff is like
single
transaction is just and equitable and not prohibited by Section
92(3) . Set-off is also recognized by international tax experts and
commentaries
Ram Sharan Maurya vs State Of U. P. on 18 November, 2020
Equivalent citations: AIR
bank's claim would be
ultimately adjusted by way of set off against the decree for
damages to be passed by the Civil Court ... loan taken by the
plaintiffs from the Bank by way of equitable mortgage. If,
on the contrary, the Civil suit was dismissed and certificate
considered opinion that in all
reasonableness, fairness and on equitableness, it is just and proper to restore the
name of the Company and that ... 2020 of the 'National Company Law Tribunal',
Chennai Bench is set aside. The CA/06/2020 filed by the Appellant before
Rusoday Securities Ltd. vs National Stock Exchange Of India Ltd on 20 November, 2020
Equivalent
