https://www.taxtmi.com/caselaws?id=273239 Proved operational debt and default under the IBC justified admission of the insolvency petition: supply of goods, invoices, non-payment, and the corporate debtor's own books and statutory returns established liability. A memorandum of understanding could not defeat the operational creditors' claim because there was no assent, privity, or valid novation in their favour under the Contract Act. Filing through an authorised signatory was also upheld, as subsequent board ratification cured the authorisation defect. The insolvency applications were admitted, moratorium was directed, and an interim resolution professional was to be nominated. en-us Thu, 01 Jun 2017 00:00:00 +0530 Tue, 12 Jun 2018 18:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273239 Proved operational debt and default under the IBC justified admission of the insolvency petition: supply of goods, invoices, non-payment, and the corporate debtor's own books and statutory returns established liability. A memorandum of understanding could not defeat the operational creditors' claim because there was no assent, privity, or valid novation in their favour under the Contract Act. Filing through an authorised signatory was also upheld, as subsequent board ratification cured the authorisation defect. The insolvency applications were admitted, moratorium was directed, and an interim resolution professional was to be nominated. Case-Laws Insolvency and Bankruptcy Thu, 01 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273239