Set Off / Counter Claim Can Be Allowed At CIRP Admission Stage U/S 9 Of IBC: NCLAT New Delhi

The NCLAT ruled that set-off and counterclaims can be allowed at the stage of Corporate Insolvency Resolution Process (CIRP) admission under Section 9 of the IBC. The tribunal held that creditors can raise set-off and counterclaims during the admission stage to ensure a fair assessment of the debtor’s financial position. This decision clarifies the procedural aspects of CIRP, ensuring that all claims and counterclaims are considered during the insolvency resolution process.