https://www.taxtmi.com/caselaws?id=291223 A memorandum of understanding is not binding on a corporate debtor where it is not shown to have been executed with proper corporate authority, such as a board resolution, corporate seal, or clear execution for and on behalf of the company. The claim also fails where the debt is stated to have arisen on 01.08.2013 but the insolvency petition was filed only on 30.04.2019, because the three-year limitation period had expired and no valid acknowledgement was pleaded or proved to extend time. On both grounds, insolvency relief was unavailable. en-us Thu, 28 Nov 2019 00:00:00 +0530 Mon, 02 Nov 2020 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291223 A memorandum of understanding is not binding on a corporate debtor where it is not shown to have been executed with proper corporate authority, such as a board resolution, corporate seal, or clear execution for and on behalf of the company. The claim also fails where the debt is stated to have arisen on 01.08.2013 but the insolvency petition was filed only on 30.04.2019, because the three-year limitation period had expired and no valid acknowledgement was pleaded or proved to extend time. On both grounds, insolvency relief was unavailable. Case-Laws Insolvency and Bankruptcy Thu, 28 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291223