held that, in so far as set-off and counter-claim is
concerned, a set-off of amounts due from financial creditors is a rarity ... legitimate set-off is not to be considered
at all; and such set-off may be considered at the stage of filing of proof
equitable set-off, which is impeachment of
title, albeit contractual set-off is a result of mutual agreement that
permits set-off and adjustment. Therefore ... certainty."
20. The contractual set-off has been referred to as transactional set-off.
While dealing with equitable set-off, it was held that
equitable set-off, which is impeachment of
title, albeit contractual set-off is a result of mutual agreement that
permits set-off and adjustment. Therefore ... certainty."
20. The contractual set-off has been referred to as transactional set-off.
While dealing with equitable set-off, it was held that
agreement of hypothecation, letter of continuity, general letter of lien and set-off and letter of undertaking. He had also deposited title deeds in respect ... Bank and, therefore, the defendant No. 1 was entitled for equitable set-off and the Original Application was liable to be dismissed.
The learned Presiding
term 'set-off',
namely, (a) statutory or legal set-off; (b) common law set-off; (c)
equitable set-off; (d) contractual set-off ... briefly explain the contours of contractual set-off, statutory/legal set-
off, equitable set-off and insolvency set-off.
12. At the outset we should
lenders including
Respondent No. 1 /SBI. The Appellant seeks a set-off or equitable set-off against
bundled
transaction. Set off of transactions segregated as a single
transaction is just and equitable and not prohibited by Section
92(3) . Set-off
could not appropriate the same exercising its right of set-off. Even plea of equitable set off is not available, inasmuch as, as noted above
bundled
transaction. Set off of transactions segregated as a single
transaction is just and equitable and not prohibited by Section
92(3) . Set-off
element for invoking the 'set-off',
viz., there must exist mutual demands so as to set-off
one against another, is completely absent ... securities & property in their custody, while 'set-off', a judicially
recognized equitable right, pertains to money and deposits held by Banks
