AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Calcutta High Court set aside a recovery decree issued during the IBC Section 96 interim moratorium, holding the suit was barred under Section 96(1)(b)(ii). This reinforces the protective nature of the moratorium against creditor actions.
The NCLAT mandated the preparation of a Resolution Plan addendum to address homebuyers' claims prior to NCLT approval. This decision safeguards homebuyers' interests during insolvency resolution processes.
The Supreme Court upheld the condonation of a delay in filing a second appeal while imposing a cost of ₹50,000 on the state. This ruling allows for expeditious disposal of pending appeals.
The RBI has imposed monetary penalties on several companies, including Satya MicroCapital and PAN Emami Cosmed, for non-compliance with regulatory directions.
The RBI has issued specific directions to Padmashri Dr. Vithalrao Vikhe Patil Co-operative Bank under the Banking Regulation Act, underlining compliance requirements.
The recent removal of the film 'Satluj' from ZEE5 raises important questions regarding government censorship and copyright law. This situation highlights the challenges of balancing copyright enforcement with public access to culture.
The Chhattisgarh High Court has allowed a state tax officer to submit a representation for retrospective seniority and associated monetary benefits. The court directed the authorities to resolve this representation within 120 days.
The NCLT ruled that leased vehicles owned by a corporate debtor are part of the insolvency estate and must be returned to the Resolution Professional during CIRP.
The National Company Law Tribunal (NCLT) has ruled that fraud allegations raised after a demand notice do not qualify as a pre-existing dispute that could obstruct CIRP proceedings.
The ITAT ruled that issues with FCRA renewal cannot be a basis for denying registration under Section 12AB of the Income Tax Act. This emphasizes the independence of the registration process from FCRA issues.
The Delhi High Court ruled that once the President of ITAT transfers an appeal, the designated Bench cannot dismiss it based on territorial jurisdiction. This decision reinforces the authority of the President in handling appeal reallocations.
The NCLT has admitted an insolvency plea against Montecarlo Ltd., affirming that fraud claims raised after a demand notice do not constitute a pre-existing dispute under CIRP.
The Reserve Bank of India has issued a new set of directions focusing on the resolution of stressed assets for Local Area Banks to enhance financial stability.