Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
NCLT Mumbai approved meetings for shareholders and creditors of Delta Corp for a proposed business separation. The order outlines procedures for a composite demerger and amalgamation scheme.
The RBI has implemented a new multi-cycle credit reporting framework for Non-Banking Financial Companies (NBFCs). The new regulations mandate more frequent reporting cycles and enhanced compliance requirements.
The NCLT has reclassified a Yes Bank loan, originally secured by promoters' property, as unsecured debt in an insolvency proceeding against Roofco Trading.
The NCLT has initiated Corporate Insolvency Resolution Process against a paper mill due to ₹1.25 crore operational debt, underscoring the absence of a genuine dispute.
The NCLT has initiated Corporate Insolvency Resolution Process (CIRP) against a corporate debtor and imposed a moratorium under Section 14 of the IBC, appointing Naresh Kumar Tailor as the Interim Resolution Professional.
The NCLT directed Kotak Mahindra Bank to release title deeds after confirming receipt of full payment by the corporate debtor, asserting that creditor retention of documents post-payment contravenes the resolution plan.
The NCLT has admitted an insolvency plea against a kraft paper manufacturer, adjudging that the debt and default were proven. Interim Resolution Professional Rishabh Sethi has been appointed to oversee the company's affairs.
The NCLT has initiated a Corporate Insolvency Resolution Process (CIRP) against a corporate debtor citing financial distress, confirming that such distress does not exempt the company from insolvency proceedings. An Interim Resolution Professional has been appointed.
In a significant ruling, the NCLT has directed Kotak Mahindra Bank to return title deeds owed to a corporate debtor following full payment of the approved resolution plan. This decision reinforces creditors' obligations post-resolution settlement.
The NCLT has admitted an insolvency plea against a kraft paper manufacturer, appointing Rishabh Sethi as the Interim Resolution Professional. This marks a significant step in the corporate insolvency resolution process under Section 9 of the IBC.
The Karnataka High Court annulled an arbitral award due to the tribunal's failure to consider vital GST invoices, demonstrating the legal imperative for arbitral bodies to account for all evidence in tax-related disputes.
The RBI has released the 'Kisan Credit Card (KCC) Scheme' directions relevant to commercial banks, aiming to improve credit access for the agricultural sector.