The payment woes of the Municipal Corporation of Greater Mumbai

Reports suggest that contractors and vendors could set off their dues, such as property tax and penalties imposed by MCGM, using credit notes

The Municipal Corporation of Greater Mumbai (MCGM) is reportedly proposing to settle its dues to its vendors and contractors in the form of credit notes. The formal documentation recording this policy is not yet available in the public domain. However, reports suggest that contractors and vendors can set off their dues, such as property tax and penalties imposed by MCGM using these credit notes. The credit notes are reportedly tradable as well. The MCGM will, presumably, repay these credit notes over a period of time if they have not already been set off against dues. Many details are unclear. For