https://www.taxtmi.com/caselaws?id=108345 The Supreme Court allowed the appeals, setting aside the Debts Recovery Appellate Tribunal's judgment. The Court held that the Memorandum of Understanding (MOU) did not result in novation as per section 62 of the Indian Contract Act since the terms were not fully complied with by the respondents. The failure to file a compromise petition as required by the MOU indicated a lack of consensus and concluded contract. The appellant's appeal was allowed, while the respondents' appeal was dismissed, with each party bearing their own costs. en-us Tue, 04 Nov 2003 00:00:00 +0530 Wed, 21 Aug 2013 12:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108345 The Supreme Court allowed the appeals, setting aside the Debts Recovery Appellate Tribunal's judgment. The Court held that the Memorandum of Understanding (MOU) did not result in novation as per section 62 of the Indian Contract Act since the terms were not fully complied with by the respondents. The failure to file a compromise petition as required by the MOU indicated a lack of consensus and concluded contract. The appellant's appeal was allowed, while the respondents' appeal was dismissed, with each party bearing their own costs. Case-Laws Companies Law Tue, 04 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108345