Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The NCLT Kolkata has admitted SBI's insolvency plea against Martina Bio Genics, ruling that ongoing winding-up proceedings cannot obstruct the revival process under the Insolvency and Bankruptcy Code (IBC).
The Telangana Advocates Protection Act has been enacted, providing legal protections against violence and harassment for advocates.
The National Students’ Union of India (NSUI) has filed a Public Interest Litigation in the Delhi High Court regarding alleged irregularities in the CBSE's On-Screen Marking system affecting class 12 evaluations.
Recent amendments to the Companies Act significantly alter the tax treatment related to penalties, CSR expenditures, and buybacks, necessitating a reevaluation of corporate tax strategies.
The MCA has amended Schedule VII of the Companies Act to include Zero Coupon Zero Principal Instruments in CSR, broadening avenues for social contribution.
The NCLT has ruled to dispense with shareholder meetings for capital reduction and conversion into a company limited by guarantee after confirming unanimous shareholder consent, despite regulatory objections.
The ICAI has announced its revised Code of Ethics, comprising three volumes, which will come into effect from April 1, 2026.
In a significant ruling, the NCLT has stated that a corporate guarantor cannot avoid Corporate Insolvency Resolution Process (CIRP) obligations even if there are parallel proceedings against the principal borrower. This decision reinforces the co-extensive liability of guarantors under the IBC.
The NCLT has clarified that the limitation period for invoking Corporate Insolvency Resolution Process (CIRP) against a corporate guarantor begins with the invocation of the guarantee, not from the classification as a Non-Performing Asset (NPA). This ruling is pivotal for creditors in managing timelines for claims against guarantors.
The CESTAT clarified that the limitation period for claiming refunds under Rule 5 begins at the end of the quarter in which the Foreign Inward Remittance Certificate (FIRC) is received. This emphasizes the significance of the FIRC date in service export validation.
The Reserve Bank of India has amended the guidelines for the resolution of stressed assets applicable to all financial institutions, facilitating improved asset recovery mechanisms.
The Reserve Bank of India has introduced amendments to the income recognition and provisioning framework for financial institutions, aimed at better management of financial reporting and asset classification.