Skip to main content

Civil Procedure Code 1908 Set-off, Counter – Claim, Equitable Set-off

Civil Procedure Code 1908 Set-off, Counter – Claim, Equitable Set-off

Civil Procedure Code 1908 Set-off, Counter – Claim, Equitable Set-off

Here, we will learn a few terms of the Civil Procedure Court, 1908.
Set – Off, Counter – Claim and Equitable Set – Off :
Set – Off:
Set Off is dealt under Order 8 of Rule 6 of the Civil Procedure Code, 1908. It is a defense mechanism to a sum of money owed. It is a form of a cross – suit. Legally, it is termed as reciprocal acquittal to of debts between both the parties i.e. between the plaintiff and the defendant. It eliminates or extinguishes the claim of the plaintiff to the extent of the sum of the money claimed by the defendant as a counter claim.
In simple terms, it means when 2 parties owe money to each other but 1 among the two parties owe more money than the other than that party pays the net amount and settles the money owed.
Under Order 8 of Rule 6, where in a suit a defendant claims for the recovery of money to set off against the plaintiff’s demand any ascertained money legally recoverable by him from the plaintiff not exceeding the pecuniary limit of the Court and where both the parties fill the same character as in the plaintiff’s suit, then at the first hearing of the suit and not afterwards the defendant may present a written statement containing the particulars of the debt which is sought to be set off.

Get ji & gl online classes with Takshila Learning

Comments

Popular posts from this blog

Allotment of DIN (Director Identification Number)

Allotment of DIN (Director Identification Number) CS professional course :  Section 153 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Qualification of Directors) Rules, 2014 Every individual intending to be appointed as a director as a director of a company shall make an application for allotment of Director Identification Number (DIN) to the Central Government in such form and manner and along with such fees as may be prescribed. Rule 9 of Companies (Appointment and Qualification of Directors) Rules, 2014 (1) Every Individual, who is to be appointed as a director of a company shall make an application electronically in Form DIR 3, to the Central Government for the allotment of a DIN along with such fees as provided in the Companies (Registration Offices and Fees) Rules, 2014. (2) The Central Government shall provide an electronic system to facilitate submission of an application for the allotment of DIN through the portal on the MCA21...

PURCHASED GOODWILL METHOD UNDER IND AS 103

The acquisition of subsidiaries results in  Goodwill calculation  and also records net assets of the subsidiary at fair value on the date of acquisition. Let’s get answers to all the questions related to Goodwill, valuation of NCI, and impairment relating to them. Q1 – What are the ways in which an entity can make payment for purchase consideration? ANS: – Cash – Share exchange – Deferred payment – Contingent consideration Q2 – How is deferred payment dealt, when it forms part of purchase consideration? ANS:  The deferred payment is discounted to present value and included in the cost of consideration. At the end of each year, the liability is increased by unwinding the discount, until the payment is settled. For example, An amount of Rs. 108,000 was deferred to be paid after 2 years. The discount rate applicable is 8%. The net present value today of Rs. 108,000 is equal to (108,000 * 1) / (1.08) ^2)= Rs. 92,593 included in purchase consideration. A liability of Rs. 92,59...

Contract of Guarantee important topic for CS Professionals

Contract of Guarantee important topic for CS Professionals For  CS Course  , Takshila Learning is offering CS Professional online classes for students in an easy, convenient, and simple way through our portal  www.takshilalearning.com .  It helps students to grab the conceptual knowledge in a different but simple way. CS online classes for CS preparation are a collection of HD-quality recorded lectures with the detailed explanation of the content by experienced and well-known faculties. An interesting topic from Drafting – ‘ Guarantees ’ is discussed below: Guarantees Contract of Guarantee A “ contract of Guarantee ” is a contract to perform the promise, or discharge the liability, of a third person in case of his default. A Guarantee may be either oral or written. Parties involved in the Contract Surety:  The person who gives the guarantee is called the  “surety”. Principal debtor:  The person in respect of whose default the gua...