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Section 174 : Distribution of interim dividend

(1) Where before the bankruptcy commencement date, there have been mutual dealings between the bankrupt and any creditor, the bankruptcy trustee shall-

(a) take an account of what is due from each party to the other in respect of the mutual dealings and the sums due from one party shall be set-off against the sums due from the other; and

(b) only the balance shall be provable as a bankruptcy debt or as the amount payable to the bankruptcy trustee as part of the estate of the bankrupt.

(2) Sums due from the bankrupt to another party shall not be included in the account taken by the bankruptcy trustee under sub-section (1), if that other party had notice at the time they became due that an application for bankruptcy relating to the bankrupt was pending.


Insolvency and Bankruptcy Code 2016

Section 171 Proof of debt

Section 172 Proof of debt by secured creditors

Section 173 Mutual credit and set-off

Section 174 Distribution of interim dividend

Section 175 Distribution of property

Section 176 Final dividend

Section 177 Claims of creditors

Section 178 Priority of payment of debts

Section 179 Adjudicating Authority for individuals and partnership firms

Section 180 Civil court not to have jurisdiction

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