Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
NCLT Mumbai ruled that the existence of an arbitration clause does not prevent the initiation of Corporate Insolvency Resolution Process (CIRP) under the IBC when there is proven default.
The CESTAT has ruled that liquidated damages and penalties for breach of contract are not taxable under Section 66E(e) of the Finance Act, 1994. This decision clarifies the tax treatment of such damages, providing relief to businesses facing tax liabilities.
The NCLAT has rejected Vedanta’s ₹17,926 crore resolution plan, affirming that the Committee of Creditors (CoC) may prioritize feasibility over the highest net present value. This decision underscores the CoC's authority in determining the most suitable resolution.
The Bombay High Court has emphasized the need for timely delivery of reserved orders in insolvency cases, directing the NCLT to expedite JM Financial’s ₹167 crore insolvency plea. This ruling highlights the court's commitment to uphold the integrity of the Insolvency and Bankruptcy Code (IBC).
The Reserve Bank of India has made amendments to the capital adequacy norms for commercial banks, enhancing risk management and financial stability.
The Reserve Bank of India has issued amendments to the capital adequacy norms applicable to small finance banks, aiming to improve financial resilience in the sector.
The Reserve Bank of India has announced amendments to the capital adequacy norms for payment banks. This aims to enhance financial stability and risk management in these institutions.
The Reserve Bank of India has sanctioned the voluntary amalgamation of The Bhavani Sahakari Bank Ltd. with TJSB Sahakari Bank Ltd., effective May 4, 2026.
The Bombay High Court has mandated the establishment of a special NCLT Bench after an insolvency petition was left pending without orders. The court emphasized that such delays undermine the intent of IBC proceedings.
NCLT Mumbai ruled that an arbitration clause does not prevent the initiation of Corporate Insolvency Resolution Process (CIRP) once a financial default has been established under Section 7 of the IBC.
The GST Appellate Tribunal (GSTAT) upheld findings against a developer for failing to transfer the full benefit of Input Tax Credit (ITC) to homebuyers, confirming that excess benefits provided to some cannot offset losses to others.
Changes to FEMA reporting requirements by the RBI aim to ease compliance for Authorised Persons, streamlining the process.