Whether the provisions of IBC relating to Corporate Insolvency Resolution Process (CIRP) recognise the Principle of Insolvency Set-off | Interpretation of Regulation 29 of Liquidation Process Regulations, 2016 – Bharti Airtel Ltd. and Another Vs. Vijaykumar V. Iyer and Others – Supreme Court

In this landmark judgment on set-off, Hon’ble Supreme Court describes five different categories to the term ‘set-off’, namely, (a) statutory or legal set-off; (b) common law set-off; (c) equitable set-off; (d) contractual set-off; and (e) insolvency set-off and interprets various provision related to set-off and IBC.
The summary of this landmark judgment is divided in following points:
A. Meaning of set-off and types and principles of set-off
B. Analysis of the provisions of IBC relating to set off
C. Insolvency set-off under Liquidation Regulation 29 and Mutual dealings
D. Principle of pari passu
E. Application of Insolvency set-off to the Corporate Insolvency Resolution Process (CIRP)
F. Other provisions of the Code do not also support principle of insolvency set-off
G. Conclusion

Whether the provisions of IBC relating to Corporate Insolvency Resolution Process (CIRP) recognise the Principle of Insolvency Set-off | Interpretation of Regulation 29 of Liquidation Process Regulations, 2016 – Bharti Airtel Ltd. and Another Vs. Vijaykumar V. Iyer and Others – Supreme Court Read Post »