Whether any dues can be set off as per Accounting Conventions when Moratorium under Section 14 is in force – Vijay Kumar V Iyer Vs. Bharti Airtel Ltd – NCLAT
NCLAT held that Accounting Conventions cannot supersede any express provisions of the laid down provisions of the specific law on the subject. The Code, 2016 provides the mechanism of Moratorium during the CIRP till the Resolution Plan is approved or Liquidation order is passed. The Code has a provision to override other laws as enunciated above. Hence, even if there are some such provisions in any other law, the Code 2016 will prevail over that.