No statutory set off or insolvency set off was applicable to CIRP under IBC

Bharti Airtel Limited And Another Vs Vijaykumar V. Iyer And Others (Supreme Court of India)

Conclusion: Statutory set off or insolvency set off was not applicable to Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). As moratorium under Section 14(4) applies till the date of completion of the Corporate Insolvency Resolution Process, which was till the resolution plan was approved or the liquidation order was passed, to permit set-off would be contrary to law.

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