Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The DGFT has amended the Handbook of Procedure 2023 to introduce Tariff Rate Quotas (TRQ) for imports of dates and marble under the India-Oman Comprehensive Economic Partnership Agreement. Applications for TRQ authorisations must be filed online, subject to customs notifications.
The NCLAT ruled to dismiss an insolvency plea against SBI loans, referencing fraud allegations that invalidated the loan documents.
The NCLAT ruled that the appeal against the resolution plan is not maintainable. However, the Ayra Consortium retains the right to argue its intervention application at a later stage.
NCLT Mumbai has granted a waiver of the maintainability objection under Section 244(1)(b), allowing further proceedings in a petition regarding oppression and mismanagement.
The Supreme Court annulled a SARFAESI auction sale, citing non-compliance with payment rules, and provided a one-time opportunity for the legal heir to redeem the property. The ruling emphasizes adherence to auction procedures.
The Karnataka High Court denied a request to transfer a winding-up petition to the NCLT, ruling that the advanced stage of liquidation requires proceedings to continue in the High Court. This highlights jurisdictional issues in corporate insolvency cases.
The NCLAT annulled the admission of a Section 9 insolvency application due to the admitted debt being less than ₹1 crore, ordering a refund of ₹91.98 lakh. This ruling clarifies the threshold for invoking insolvency proceedings under Section 9.
New regulations prohibit SEBI employees and their families from making equity investments, marking a significant change for those in regulatory positions. The move aims to prevent conflicts of interest and ensure regulatory integrity.
The NCLAT has upheld the authority of the Committee of Creditors by limiting the insolvency professional's remuneration to ₹3 lakh, reinforcing the framework set by the IBC and IBBI regulations.
The RBI has undertaken a comprehensive review of circulars under FEMA to streamline and rationalize the regulatory framework, reflecting the evolving economic landscape.
The IBBI has suspended an Insolvency Professional for two years due to failures in asset valuation and disclosure during the Corporate Insolvency Resolution Process, emphasizing accountability in the field.
The Calcutta High Court dismissed a plaint challenging an NCLT-ordered valuation, stating a lack of territorial jurisdiction and statutory bar. This development emphasizes the importance of jurisdictional considerations in corporate law.