Section 295 — Payment of debts by contributory and extent of set -off

(1) The Tribunal may, at any time
after passing of a winding up order, pass an order requiring any contributory for the time being on the list
of contributories to pay, in the manner directed by the order, any money due to the company, from him or
from the estate of the person whom he represents, exclusive of any money payable by him or the estate by
virtue of any call in pursuance of this Act.
(2) The Tribunal, in making an order, under sub-section (1), may,—
(a) in the case of an unlimited company, allow to the c ontributory, by way of set-off, any money
due to him or to the estate which he represents, from the company, on any independent dealing or
contract with the company, but not any money due to him as a member of the company in respect of
any dividend or profit; and
(b) in the case of a limited company, allow to any director or manager whose liability is unlimited,
or to his estate, such set-off.
(3) In the case of any company, whether limited or unlimited, when all the creditors have been paid in