Memorandum of Compromise signed by a resigned director is invalid: NCLAT

K Parthiban Rasu Vs Umiya Development Centre India Pvt. Ltd. & 2 Ors. (NCLAT Chennai) Introduction: The recent case between K Parthiban Rasu, Umiya Development Centre India Pvt. Ltd., and the State Bank of India (SBI) heard at the National Company Law Appellate Tribunal (NCLAT) in Chennai has brought attention to some pressing issues in insolvency and corporate law. In essence, the case addresses the validity of a Memorandum of Compromise (MOU) and the role of the State Bank of India as a Financial Creditor. Role of State Bank of India: SBI, being the sole Financial Creditor in the case, f...