Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The Calcutta High Court has mandated the completion of liquidation processes for 32 banking companies within six months, establishing a reporting structure to the RBI.
The Reserve Bank of India has officially removed Coӧperatieve Rabobank U.A. from the Second Schedule of the RBI Act after its banking status was revoked. This reflects ongoing regulatory compliance and oversight efforts.
The NCLAT has ruled to classify a ₹8 crore consortium payment as operational debt, allowing an application for insolvency under Section 9.
The NCLAT orders APDCL to pay ₹37.66 lakh with interest, ruling against the set-off plea, reinforcing the distinct nature of legal entities under the IBC.
The RBI has initiated a review of all circulars issued under the Foreign Exchange Management Act, 1999, aiming to streamline regulations and eliminate obsolete provisions. This update is key for compliance in the financial sector.
SEBI has amended the FVCI Regulations, 2000 to revise fee amounts and streamline remittance processes. The changes will take effect in 180 days.
The Reserve Bank of India is set to auction 91-day, 182-day, and 364-day Treasury Bills, targeting an aggregate of ₹17,000 Crore. This auction is expected to attract significant interest from market participants.
The National Financial Reporting Authority (NFRA) has called upon auditors to critically review all uncorrected errors prior to the finalization and sign-off of audit reports, emphasizing the importance of accurate financial reporting.
The NCLAT has upheld a civil court decree affirming a buyer's possession of properties, limiting the NCLT's jurisdiction in such disputes.
The NCLT has ruled that the invocation of a loan-cum-pledge agreement during a CIRP moratorium is void, reinforcing the protection of assets.
The NCLT has admitted a plea under Section 7 against SWAL Limited, affirming that inter-corporate loans with interest are classified as financial debts under the IBC.
The RBI has modified reporting requirements for foreign exchange transactions, underscoring the importance of compliance among authorized persons.