Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The Calcutta High Court ruled that a resolution applicant is not responsible for a corporate debtor's pre-Corporate Insolvency Resolution Process (CIRP) late payment surcharge (LPSC), highlighting the 'clean slate' principle in insolvency cases.
The NCLAT has ruled that the submission of a resolution professional's report is not required when debt and default are clearly established, affirming the role of the guarantor's signature as proof of liability.
The CBDT has granted income-tax exemption to the Core Settlement Guarantee Fund of the National Commodity & Derivatives Exchange, strengthening financial safety in commodities markets for AYs 2019–20 to 2026–27.
The NCLT Kochi has dismissed a ₹1,323 crore insolvency petition by Morgan Securities against BPL, ruling that the IBC cannot function as a recovery tool when arbitration remedies have been pursued.
The Ministry of Corporate Affairs has extended the Companies Compliance Facilitation Scheme, allowing companies additional time to complete pending statutory filings without facing penalties. This extension aims to aid compliance and reduce the burden on companies.
The NCLT has admitted an insolvency plea against Nirvikar Films LLP, classifying undisputed interest as operational debt.
The NCLAT has ruled that procedural obstacles should not hinder the submission of additional affidavits in CIRP proceedings, emphasizing substantive justice.
The NCLT has ruled against homebuyers seeking to rework their claims in insolvency proceedings. Refunds received prior to CIRP will be categorized as principal instead of interest.
RBI has undertaken a comprehensive review of circulars issued under FEMA since 2000 to streamline the regulatory framework.
The NCLT approved stakeholder meetings for the Refex Composite Scheme after necessary clarifications regarding compliance.
The NCLT has allowed defreezing of Karti Chidambaram’s salary and family accounts while other assets remain frozen due to SFIO investigations.
The article outlines the meeting obligations under the Companies Act, 2013, specifying minimum requirements for various types of companies.