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The SC ruled that an operational creditor whose claim is extinguished under IBC resolution plan may assert a set-off defence in arbitration initiated by resolution applicant, with no affirmative recovery. This limits clean-slate for OCs after CIRP.
The Kerala High Court affirmed that a contractor is entitled to payment for work substantially completed, even when the contract is terminated, but must have the value of unreturned materials deducted if the contractor has formally admitted their non-return. This clarifies the legal standard for set-off in construction disputes where written admissions override speculative cost claims.
MP High Court rules that funds locked in a Sukanya Samriddhi Account cannot be treated as actual payment for maintenance under Section 125 CrPC, as the beneficiary cannot access them. The court emphasized that maintenance requires immediate liquidity, not illiquid deposits.
The Bombay High Court mandates that maintenance awarded under Section 125 CrPC and the Domestic Violence Act must be offset against each other to avoid unjust enrichment, ensuring the wife’s standard of living is preserved without duplicative financial burden on the husband. This ruling establishes a binding precedent for family courts across Maharashtra to harmonize concurrent maintenance orders under both statutes.
ITAT Pune rules that taxing entire bank deposits as unexplained income under Section 69A without allowing set-off for verified purchase expenses violates natural justice. The Tribunal mandates a reasonable profit estimation based on turnover, ensuring fair assessment for taxpayers.