Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
In a significant ruling, the NCLT treated the sale and leaseback of cloud storage as a financial lease, allowing for the admission of a ₹1.63 crore insolvency petition.
The NCLAT upheld the Ministry of Corporate Affairs' (MCA) authorization for the Serious Fraud Investigation Office (SFIO) to pursue disgorgement proceedings against auditors involved in the IL&FS fraud case.
NCLAT confirmed the findings regarding oppression related to a ₹315 crore order for cumulative RBI leverage breaches and related violations. The ruling highlights governance lapses and regulatory non-compliance issues.
The Supreme Court has ruled that penalties imposed on an insolvent developer cannot be recovered as CIRP costs from homebuyers, affirming the rights of consumers in insolvency proceedings.
The National Company Law Tribunal (NCLT) dismissed Ernst & Young LLP's insolvency petition for ₹3.11 crore, questioning the validity of a claimed 1% success fee for securing GST relief. NCLT has directed the ICAI to review the fee structure and its implications.
The Securities and Exchange Board of India (SEBI) dismissed allegations of fraud against Axis Bank, finding insufficient evidence to support claims of disclosure violations or market manipulation. This decision upholds the integrity of Axis Bank's operations and clears the bank of wrongdoing.
The NCLT upheld the validity of a corporate guarantee from Jammu & Kashmir Bank following a demerger. The ruling confirmed that the transfer of mortgaged assets does not release the guarantor from liability, emphasizing the continuing nature of corporate guarantees.
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The CGPDTM's new guidelines on AI use in patent examination aim to maintain a balance between leveraging technology and preserving the integrity of the patent review process. This regulatory framework raises significant questions about human oversight.
The Securities Appellate Tribunal has set aside SEBI's rejection of an open offer withdrawal and remitted the matter for a speaking order due to unconsidered submissions.
A CBI Court has convicted a bank manager and multiple borrowers for conspiracy and cheating in a ₹2.82 crore loan fraud case, with forgery charges being dismissed.
The Bombay High Court has upheld the transfer of winding-up proceedings to the NCLT, deeming the sale of assets by secured creditors as non-obstructive to revival efforts.
The Bombay High Court has quashed a front-running FIR, establishing that under Section 26 of the SEBI Act, only SEBI has the authority to file complaints regarding such offences.