AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
Due to the repeated failure to supply a mandatory Performance Bank Guarantee, the NCLT has ordered the liquidation of a corporate entity, deeming the resolution plan non-responsive.
The NCLT has rejected a resolution plan that proposed ₹7 Crores against a liquidation value of ₹9.42 Crores, finding it inadequate in protecting the statutory rights of dissenting creditors.
The NCLT has rejected a resolution plan involving ₹1,000 share conversion due to non-compliance with statutory valuation requirements under the Companies Act, leading to an order for liquidation.
SEBI has announced the alignment of its cyber incident reporting portal with the Financial Stability Board's FIRE format, mandating structured reporting for regulated entities. This is a significant regulatory shift towards enhancing cybersecurity measures.
SEBI has signed a tripartite MoU with RRU and NISM aimed at enhancing capacity building in the securities market. This collaboration focuses on training, research, and technology implementation.
The NCLAT has set aside an NCLT order and allowed a Section 241 petition for oppression, ruling that a group of four members satisfied the minimum threshold of one-tenth under Section 244 of the Companies Act. This decision clarifies the membership requirements for filing such petitions.
The Rajasthan High Court has set aside the withholding of a Sub-Inspector appointment due to a matrimonial FIR, ruling that the assessment of matrimonial offences must consider their relevance and nature before denying employment.
The Supreme Court has reiterated that arbitration orders made under Section 16 cannot be re-examined in writ jurisdiction. The court has held that the issue of stamping related to the arbitration will remain open for consideration at the Section 34 stage.
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.
In KVIC v. Jaishukh N. Bhuta, the Bombay High Court delineated the distinction between finding disobedience of court orders and the ramifications thereof, clarifying the role of Order XXXIX Rule 2A in ensuring compliance rather than punishment.
The Bombay High Court ruled on the procedural responsibilities of Controllers in patent assessments, particularly regarding their reliance on undisclosed evidence during post-grant opposition proceedings. This case highlights the importance of transparency in the patent evaluation process.
The Delhi High Court has upheld that portal-only service of GST Show Cause Notices cannot suffice for due process, thereby allowing appeals for notices acknowledged in prior communication. This decision emphasizes the importance of proper service methods.