Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The NCLAT confirmed that post-liquidation settlements must follow a Section 230 scheme of the Companies Act, ruling that Section 12A cannot apply after liquidation proceedings have initiated. This reinforces the integrity of the liquidation process.
SEBI has proposed to relax third-party payment restrictions for mutual funds under specific conditions, aiming to boost operational flexibility while ensuring compliance safeguards.
SEBI proposes reforms to prevent artificial price suppression in IPOs and re-listed stocks, including new rules on base prices and price discovery conditions. These changes aim to enhance fairness in market operations.
India has defined Virtual Digital Assets (VDAs) for tax purposes, establishing compliance measures for TDS and other income sources. This includes provisions for gifts and mining income, clarifying the parameters for taxation in the crypto space.
The NCLT has held that a DRT Recovery Certificate restarts the limitation period for filing a Corporate Insolvency Resolution Process (CIRP), admitting a ₹17.54 crore plea against Sunbeam Dealers.
The NCLAT reaffirmed the necessity of actual fund disbursal for classifying financial debt under the IBC. Properties mortgaged without actual cash flow do not qualify as financial debt.
The Reserve Bank of India has imposed a monetary penalty of ₹1.80 lakh on AKG Infin Private Limited for non-compliance with directives concerning shareholding acquisitions.
The NCLT has permitted the dissolution of a corporate debtor after confirming all remaining assets have been assigned under the IBC framework, signaling a closure on the insolvency proceedings.
NCLT Chandigarh ordered the liquidation of a corporate debtor after the Committee of Creditors rejected its only resolution plan. The Tribunal confirmed that all criteria under Section 33 of the IBC were fulfilled.
The Calcutta High Court has dismissed an appeal regarding the classification of polypropylene leno bags, confirming they are classified as plastic articles under Chapter 39 and not as textiles. This ruling clarifies the categorization of such products in accordance with tariff schedules.
The government has announced an extension of the tenures of NCLAT members until September 2026 or until they reach the age of 67. This decision is aimed at maintaining continuity and institutional knowledge within the appellate tribunal.
The RBI has issued the Sixth Amendment Directions on Prudential Norms on Capital Adequacy for Commercial Banks, enhancing operational standards. These updates reflect ongoing reforms in the banking sector.