Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The Supreme Court has ruled that a GST notice invoking Section 74 must explicitly state the facts indicating fraud, willful misstatement, or suppression of facts. This ruling necessitates clear and specific allegations in notices to ensure compliance with legal standards.
The Madras High Court has set aside a customs adjudication order issued after a lengthy delay of 14 years, ruling it as time-barred under Section 28(9) of the Customs Act, citing an unreasonable and arbitrary process.
In Intra Cellular Therapies v. Controller of Patents, the Delhi High Court examined critical issues related to disclosure and therapeutic efficacy standards under Indian patent law, impacting pharmaceutical patent evaluations.
The Bombay High Court, in KVIC v. Jaishukh N. Bhuta, ruled that mere disobedience of an interim injunction does not automatically lead to punishment. The court clarified that Order XXXIX Rule 2A is aimed at ensuring compliance rather than penalizing past non-compliance.
The Calcutta High Court has quashed the classification of a Cash Credit (CC) account as a non-performing asset (NPA), ruling it did not meet the RBI's 90-day overdue criteria. This judgment reinforces the importance of adherence to prescribed guidelines in asset classification.
A chartered accountant has been booked for allegedly issuing fraudulent Form 15CB certificates, leading to foreign remittances amounting to ₹464.8 crore through two suspected shell firms. This action has raised significant concerns over regulatory compliance in financial transactions.
In a significant ruling, the NCLAT has upheld the resolution professional's right to obtain mall revenue records, deeming them vital for scrutinizing disputed transactions during the CIRP.
Due to the repeated failure to supply a mandatory Performance Bank Guarantee, the NCLT has ordered the liquidation of a corporate entity, deeming the resolution plan non-responsive.
The NCLT has rejected a resolution plan that proposed ₹7 Crores against a liquidation value of ₹9.42 Crores, finding it inadequate in protecting the statutory rights of dissenting creditors.
The NCLT has rejected a resolution plan involving ₹1,000 share conversion due to non-compliance with statutory valuation requirements under the Companies Act, leading to an order for liquidation.
SEBI has announced the alignment of its cyber incident reporting portal with the Financial Stability Board's FIRE format, mandating structured reporting for regulated entities. This is a significant regulatory shift towards enhancing cybersecurity measures.
SEBI has signed a tripartite MoU with RRU and NISM aimed at enhancing capacity building in the securities market. This collaboration focuses on training, research, and technology implementation.