https://www.taxtmi.com/caselaws?id=386028 Money advanced under a memorandum of understanding for working capital support, statutory dues and business revival was treated as having the commercial effect of borrowing, so it qualified as financial debt under the Insolvency and Bankruptcy Code. Later electronic messages acknowledging the outstanding liability were accepted as valid acknowledgments that extended limitation, making the section 7 application timely. On these findings, the NCLT admitted the insolvency application, commenced CIRP, declared moratorium and appointed an interim resolution professional. en-us Fri, 21 Jun 2019 00:00:00 +0530 Fri, 20 Sep 2019 14:08:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386028 Money advanced under a memorandum of understanding for working capital support, statutory dues and business revival was treated as having the commercial effect of borrowing, so it qualified as financial debt under the Insolvency and Bankruptcy Code. Later electronic messages acknowledging the outstanding liability were accepted as valid acknowledgments that extended limitation, making the section 7 application timely. On these findings, the NCLT admitted the insolvency application, commenced CIRP, declared moratorium and appointed an interim resolution professional. Case-Laws Insolvency and Bankruptcy Fri, 21 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386028