Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The Karnataka High Court has ordered the National Company Law Tribunal (NCLT) to expeditiously consider the Resolution Professional's plea regarding the sale of Byju’s K3 assets, while declining to allow parallel proceedings. This decision indicates the court's support for a swift resolution of corporate disputes.
Justice Tejas Karia of the Delhi High Court has called for statutory recognition of emergency arbitration and a dedicated arbitration bench at GIFT City to enhance dispute resolution mechanisms in India. He emphasized the existing procedural bottlenecks under various sections of the Arbitration Act.
The Bombay High Court in Jyothy Labs v. Dabur ruled on a trademark dispute over the use of 'NEEM'. The case illustrates complexities surrounding essential-feature protection and the descriptive-suggestive divide, raising questions about the Court's reasoning in trademark law.
The ITAT Bangalore has granted transfer pricing relief by excluding functionally dissimilar and high-turnover comparables while treating doubtful debts as operating expenses.
ITAT Delhi has upheld the exclusion of functionally dissimilar BPO comparables and granted Section 10A deduction for IT-enabled services, emphasizing the need for accurate comparable selection in transfer pricing.
The Chhattisgarh High Court has upheld a compensation amount of Rs. 37.74 lakh for a motor accident victim, ruling that no tax deduction is applicable when the income falls within the Section 87A rebate threshold.
The ITAT Mumbai has restored the 12AB registration for the National Health & Education Society and rejected grounds of commerciality and foreign expenditure. This decision also allows the society to appeal for 80G registration.
SEBI has penalized a company ₹1.05 crore and banned it and its promoters from the securities market for one year due to misleading IPO disclosures and fictitious transactions.
The Delhi High Court has quashed a ₹533.79 crore sales tax demand against the Railways. The court ruled that only rolling stock owned and transferred to the Indian Railway Finance Corporation constitutes a taxable sale.
In a significant ruling, the NCLT treated the sale and leaseback of cloud storage as a financial lease, allowing for the admission of a ₹1.63 crore insolvency petition.
The NCLAT upheld the Ministry of Corporate Affairs' (MCA) authorization for the Serious Fraud Investigation Office (SFIO) to pursue disgorgement proceedings against auditors involved in the IL&FS fraud case.
NCLAT confirmed the findings regarding oppression related to a ₹315 crore order for cumulative RBI leverage breaches and related violations. The ruling highlights governance lapses and regulatory non-compliance issues.