https://www.taxtmi.com/caselaws?id=420224 A Section 7 insolvency application failed because the Memorandums of Understanding were not shown to have been executed with proper authority on behalf of the Corporate Debtor and therefore did not bind it. The underlying claim had also become time-barred, and a later cheque did not revive the barred liability in the absence of a valid acknowledgment of a subsisting debt. The MoUs reflected unfinished reciprocal obligations rather than a concluded transaction creating an immediately enforceable financial debt, so no default was established for CIRP purposes. The insolvency petition was therefore rejected on limitation and on merits. en-us Tue, 22 Mar 2022 00:00:00 +0530 Tue, 29 Mar 2022 14:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420224 A Section 7 insolvency application failed because the Memorandums of Understanding were not shown to have been executed with proper authority on behalf of the Corporate Debtor and therefore did not bind it. The underlying claim had also become time-barred, and a later cheque did not revive the barred liability in the absence of a valid acknowledgment of a subsisting debt. The MoUs reflected unfinished reciprocal obligations rather than a concluded transaction creating an immediately enforceable financial debt, so no default was established for CIRP purposes. The insolvency petition was therefore rejected on limitation and on merits. Case-Laws Insolvency and Bankruptcy Tue, 22 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420224