Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The National Company Law Appellate Tribunal (NCLAT) has upheld the right of the Resolution Professional (RP) to request additional evidence for claim verification, reinforcing the protocols surrounding claims in insolvency proceedings.
The Kerala High Court has mandated that Micro, Small, and Medium Enterprises (MSMEs) must proactively seek rehabilitation upon experiencing financial distress. The court clarified that the banks' awareness of an MSME's status does not absolve the MSME of this obligation.
Dain Colour Chem Limited has filed a Draft Red Herring Prospectus for an IPO, seeking to raise over ₹30 crore. Legacy Law Offices is advising on the process.
Warburg Pincus has successfully acquired Integrace from True North and Temasek, marking a notable transaction in the venture capital sphere.
SEBI has launched an IT Resilience Index Framework specifically for Market Infrastructure Institutions (MIIs), incorporating system-driven scoring and real-time service monitoring to bolster operational resilience.
SEBI has restructured its cyber incident reporting portal to adhere to the Financial Stability Board's (FSB) Framework for Improving Cyber Resilience (FIRE), mandating a structured and systematic approach for regulated entities.
SEBI, RRU, and NISM have formalized cooperation through a tripartite MoU aimed at enhancing training, research, and cybersecurity within the securities market. This collaboration is expected to foster innovation in market practices.
The RBI has released amendments to the Priority Sector Lending Directions, enhancing targets and classifications for financing. This reflects a strategic focus on boosting sectors pivotal for economic growth.
The Reserve Bank of India has updated lists of sanctioned entities aligned with UN Security Council mandates, directing regulated entities to ensure compliance under the Unlawful Activities (Prevention) Act. This action emphasizes the importance of compliance within the financial sector.
The Bombay High Court has upheld the IBBI's Regulation 31A, permitting a 0.25% regulatory fee on the realisable value to creditors. This affirmation assures the standing of IBBI as a regulatory body during the Corporate Insolvency Resolution Process (CIRP).
The NCLAT has restored the corporate debtor's right to file a reply in insolvency proceedings, emphasizing that a litigant should not suffer due to their counsel's lapse. This ruling reinforces the importance of natural justice in insolvency protocols.
The Delhi High Court has ruled that advocates acting as insolvency professionals are liable to GST under the forward charge mechanism, while traditional legal services remain under the reverse charge mechanism.