State Act
47
Section 47. Mutual dealings and set off.
Act no. 2 of 19561956In forceKerala (State Act)
47. Mutual dealings and set off.—Where there have been mutual dealings between an insolvent and a creditor proving or claiming to prove a debt under this Act, an account shall be taken of what is due from the one party to the other in respect of such mutual dealings, and the sum due from the one party shall be set off against any sum due from the other party, and the balance of the account, and no more, shall be claimed or paid on either side respectively.