Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The Court granted bail in a case concerning spurious cancer drugs under the PMLA, citing insufficient evidence linking the proceeds of crime to a predicate offence.
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 Madras High Court ruled that penalties for circular trading must equal the ineligible ITC availed, emphasizing adherence to statutory definitions in penalty assessments.
The Supreme Court upheld the Telangana High Court's decision not to entertain a delayed GST writ petition. The Court cited the precedent set in Glaxo Smith Kline, finding no reason to intervene.
The Delhi High Court has directed Jamia Millia Islamia to respond to a PIL claiming recruitment bias favoring Muslims for outsourced posts. This notice comes from a division bench amid allegations of discriminatory hiring practices.
The Delhi High Court has granted bail to female accused under the Prevention of Money Laundering Act (PMLA), holding that prolonged incarceration before trial is unacceptable. This landmark decision underscores legal provisions allowing for relaxation for women accused.
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.