Legal Question in Banking Law in India
A Bank has granted loan to a local authority. Bank has defaulted in repayment and ac has truned NPA. Some amount is payable by the Bank to that authority by way of a Tax. whether the Bank can exercise its right of set off and appropriate that amount payable as Tax against amount due from that Authority?
Asked on 6/02/11, 4:43 am
1 Answer from Attorneys
RAJIV GUPTA
(Cell: +91 9811284735) [email protected]
yes, the bank may exercise that option.
Answered on 6/02/11, 4:47 am
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