AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Fourth Amendment to FEMA Non-Debt Instruments Rules, 2019 now permits inventory-based e-commerce exports of Indian goods, providing a significant boost to e-commerce businesses. This amendment is consistent with the Foreign Trade Policy 2023.
The NCLT has admitted a CIRP application filed by the Central Bank of India against a corporate guarantor due to a default of ₹27.29 crores. The bank provided proof of guarantee invocation, which was critical in establishing the case.
The Controller General of Patents, Designs and Trademarks has announced draft guidelines for examining patent applications in the pharmaceutical and biotechnology sectors, inviting feedback from stakeholders.
The NCLT has admitted a plea for the Corporate Insolvency Resolution Process (CIRP) against a corporate debtor, affirming that SARFAESI proceedings do not prevent a default under the IBC. The operational debt was validated, with no pre-existing disputes established.
The NCLAT upheld the Corporate Insolvency Resolution Process (CIRP) ruling, stating that an agreement to sell does not discharge operational debt of ₹5.73 crore, rejecting the 'moonshine' defence. The court found no genuine pre-existing dispute regarding goods supplied, confirming the obligations under the IBC.
In a significant ruling, the NCLT admitted a CIRP petition valued at ₹38.28 crore, asserting that SARFAESI proceedings do not restrain corporate debtors from defaulting under the IBC framework.
The Insolvency and Bankruptcy Board of India (IBBI) has suspended an insolvency professional for two years due to the lack of consultation with the Stakeholders Consultation Committee (SCC) and for non-compliance with regulatory oversight during a significant sale involving ₹507.2 crore.
The NCLAT affirmed the initiation of Corporate Insolvency Resolution Process (CIRP) as the agreement to secure payment did not support claims of a genuine pre-existing dispute regarding supplied goods. This decision signifies the NCLAT's position on prioritizing operational debt repayment.
The article discusses whether limitation of liability clauses are void under Section 23 of the Indian Contract Act, 1872. It outlines the implications of Sections 73 and 74 regarding secondary obligations due to breach of primary obligations in contracts.
The Delhi High Court held that a pre-CIRP Customs demand, not filed before the resolution professional, cannot be enforced after the approval of the resolution plan. This ruling has significant implications for corporate insolvency proceedings.
The Bombay High Court has approved a revival plan for Svadeshi Mills worth ₹1,200 crore, asserting the plan protects workers' dues and satisfies public interest. The ruling is significant for stakeholders involved in corporate restructuring.
The ICAI has reprimanded a Chartered Accountant for conducting three tax audits without a valid certificate of practice and imposed a fine of ₹50,000. This ruling emphasizes the necessity for compliance with certification regulations under the CA Act.
The Madras High Court has quashed a customs duty and penalty demand of ₹4.56 crore against a clearance facilitator, citing insufficient evidence of knowledge regarding concealed goods. This ruling reinforces the standards for liability in customs breaches.