Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
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.
The results of the recent auction for Government Stocks reveal significant investor interest, with ₹17,000 crore raised for new GS 2041 and ₹11,000 crore for GS 2076. Cut-off yields indicate a stable investment environment.
Several State Governments have announced an auction to raise ₹18,100 crore through the sale of securities. Andhra Pradesh is the primary contributor with ₹1,000 crore for the re-issue of its 7.56% State Government Securities.
The Bombay High Court has remanded proceedings against a wilful defaulter, allowing for withdrawal of previous orders and ensuring adherence to natural justice norms.
The Rajya Sabha has assessed the implications of Section 43B(h) of the Finance Act 2023, highlighting both the liquidity benefits for MSMEs and challenges regarding buyer evasion.
The RBI has amended prudential norms regarding income recognition for specified non-financial assets for NBFCs, effective October 1, 2026.
The RBI has amended income recognition directions for specified non-financial assets applicable to All India Financial Institutions, ensuring clarity in accounting treatment.
RBI has amended income recognition rules for specified non-financial assets in Urban Cooperative Banks, effective October 1, 2026.
RBI has amended the income recognition rules for specified non-financial assets applicable to Rural Co-operative Banks, effective October 1, 2026.
The RBI has amended income recognition norms for Regional Rural Banks concerning specified non-financial assets, with changes effective October 1, 2026.
The RBI has amended its directions for Local Area Banks concerning income recognition for specified non-financial assets, effective October 1, 2026.