AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Bombay High Court has ruled that the Income Tax Department cannot revive its demand for taxes after a resolution plan is approved by the National Company Law Tribunal (NCLT) if the claim was not filed during insolvency proceedings.
The Madras High Court upheld penalties on a company director and financial advisor for their roles in evading excise duty, affirming the necessity for compliance.
The Andhra Pradesh High Court annulled a common GST assessment order for two financial years. The ruling emphasizes separate assessments for individual tax years to ensure clarity and compliance.
The RBI has released the Second Amendment Directions for Local Area Banks concerning the resolution of stressed assets, enhancing regulatory frameworks.
The Reserve Bank of India has released Second Amendment Directions for Commercial Banks regarding income recognition, asset classification, and provisioning.
The Reserve Bank of India has released Third Amendment Directions for Non-Banking Financial Companies regarding income recognition and asset classification to ensure heightened compliance.
The Reserve Bank of India has issued updated directions on income recognition and asset classification for All India Financial Institutions, enhancing compliance frameworks.
The Reserve Bank of India (RBI) has announced the Third Amendment Directions for Rural Co-operative Banks related to income recognition, asset classification, and provisioning.
The RBI has introduced the Second Amendment Directions concerning Income Recognition, Asset Classification, and Provisioning for Local Area Banks. This update aims to improve the financial stability and operational standards of local financial institutions.
In a significant ruling, the Bombay High Court quashed the orders declaring directors as wilful defaulters, citing the lack of reasoned judgments as a breach of natural justice. This reinforces the requirement for transparency in such decisions.
The Bombay High Court has ruled that the interim moratorium under Section 96 of the IBC operates against the entire debt of the corporate debtor, thereby staying arbitration proceedings. This development emphasizes the comprehensive nature of the moratorium intended by the IBC.
The RBI has issued draft Amendment Directions for improving efficiency and transparency in securitisation transactions, inviting public comments. This initiative reflects the RBI's ongoing efforts to enhance the liquidity of financial markets.
In a recent ruling, the Bombay High Court deviates from the Delhi High Court's stringent procedural standards in trademark cases, aiming for a more balanced approach to justice.