AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The NCLT has admitted a Corporate Insolvency Resolution Process (CIRP) due to the failure of an OTS proposal, emphasizing the necessity of compliance and timely payments.
The Companies Act, 2013 mandates that most public and private companies issue and transfer securities only in dematerialised form, enhancing transparency. This implementation aims to minimize fraud and simplify ownership records.
The Insolvency and Bankruptcy Board of India (IBBI) has amended the PPIRP rules to ensure enhanced oversight on registered valuers and provide clearer frameworks for fair and liquidation values.
The NCLAT confirmed that post-liquidation settlements must follow a Section 230 scheme of the Companies Act, ruling that Section 12A cannot apply after liquidation proceedings have initiated. This reinforces the integrity of the liquidation process.
SEBI has proposed to relax third-party payment restrictions for mutual funds under specific conditions, aiming to boost operational flexibility while ensuring compliance safeguards.
SEBI proposes reforms to prevent artificial price suppression in IPOs and re-listed stocks, including new rules on base prices and price discovery conditions. These changes aim to enhance fairness in market operations.
India has defined Virtual Digital Assets (VDAs) for tax purposes, establishing compliance measures for TDS and other income sources. This includes provisions for gifts and mining income, clarifying the parameters for taxation in the crypto space.
The NCLT has held that a DRT Recovery Certificate restarts the limitation period for filing a Corporate Insolvency Resolution Process (CIRP), admitting a ₹17.54 crore plea against Sunbeam Dealers.
The NCLAT reaffirmed the necessity of actual fund disbursal for classifying financial debt under the IBC. Properties mortgaged without actual cash flow do not qualify as financial debt.
The Reserve Bank of India has imposed a monetary penalty of ₹1.80 lakh on AKG Infin Private Limited for non-compliance with directives concerning shareholding acquisitions.
The NCLT has permitted the dissolution of a corporate debtor after confirming all remaining assets have been assigned under the IBC framework, signaling a closure on the insolvency proceedings.
NCLT Chandigarh ordered the liquidation of a corporate debtor after the Committee of Creditors rejected its only resolution plan. The Tribunal confirmed that all criteria under Section 33 of the IBC were fulfilled.
The Calcutta High Court has dismissed an appeal regarding the classification of polypropylene leno bags, confirming they are classified as plastic articles under Chapter 39 and not as textiles. This ruling clarifies the categorization of such products in accordance with tariff schedules.