Statutory Set Off or Insolvency Set Off not applicable to CIRP under IBC: SC

Statutory Set Off or Insolvency Set Off not applicable to CIRP under IBC, rules SC

By Kalyani B. Nair - On January 9, 2024 4:41 pm - 2 mins read

Statutory - Insolvency - CIRP - Corporate Insolvency Resolution Process - Insolvency and Bankruptcy Code - taxscan

The Supreme Court in a recent decision has held that the statutory set off or insolvency set off is not applicable to Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). The Resolution Professional for Airtel Limited, Dishnet Wireless Limited and Airtel Cellular Limited, wrote to Bharti Airtel Limited, stating that…

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