Advocates:
Advocate Appeared:
For the Appellant(s) : Mr. Sandeep Devashish Das, AOR Mr. Ramakant Rai, Adv.
For the Respondent(s): Mr. Mahesh Agarwal, Adv. Mr. Rishi Agrawala, Adv. Mr. Ankur Saigal, Adv. Mr. Victor Das, Adv. Mr. E. C. Agrawala, AOR M/S. Cyril Amarchand Mangaldas Aor, AOR Mr. Raunak Dhillon, Adv. Ms. Aishwarya Gupta, Adv. Mr. Anchit Jasuja, Adv.

The provided legal document primarily discusses the principles of set-off, including contractual, equitable, statutory, and insolvency set-off, and their applicability under the Insolvency and Bankruptcy Code (IBC). It emphasizes that the IBC is a complete code that overrides other laws and clarifies that provisions related to set-off, especially insolvency set-off, are not automatically applicable during the Corporate Insolvency Resolution Process unless specific conditions are met.

Specifically, the document states that the law does not recognize the application of statutory or insolvency set-off during the resolution process, and such set-off is generally disallowed unless it is contractual and existing prior to the commencement of the insolvency proceedings. It also mentions that assets excluded from the liquidation estate, including those subject to set-off, are given a preferred status, but this does not explicitly extend to claims such as EPFO claims unless they are part of the recognized set-off mechanisms.

Regarding the exclusion of claims like EPFO claims under section 36 of the IBC, the document does not explicitly state that such claims, once crystallized, cannot be excluded. However, it highlights that the law does not support automatic or self-executing insolvency set-off and that the provisions of the IBC and related regulations do not recognize or permit the exclusion of certain claims unless they fall within the specific exclusions or conditions outlined, such as assets excluded from the liquidation estate or claims subject to recognized set-off procedures.

In summary, while the document discusses the general principles and limitations of set-off under the IBC, it does not explicitly state that a crystallized EPFO claim cannot be excluded under section 36 of the IBC. The emphasis is on the non-application of insolvency set-off during the resolution process unless certain contractual or legal conditions are satisfied.