Sec. 176 of the Contract Act cannot be taken into consideration for the purpose of collating the claim of any claimant (creditor) by the RP u/s 18 of the IBC. It is settled law that the RP can collate the claim & may accept full or part of the claim but has no power to determine the claim or reject, which power is only vested with the Liquidator- PTC India Financial Services Ltd. Vs. Mr. Venkateswarlu Kari-NCLAT