Set-off is simply put a reduction or discharge of a debt by setting against it a claim in favour of the debtor (or the person otherwise having to pay).
The applicability of the principle of set-off under the Insolvency and Bankruptcy Code, 2016 (IB Code) is no longer res integra and the draconian view of the inapplicability of set-off under insolvency proceedings has not found Thankfully, judicial favour.
India, Insolvency & Restructuring, Litigation, Juris Corp, Liquidation, Insolvency and Bankruptcy Code (India), Supreme Court of India, National Company Law Tribunal