AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Ministry of Corporate Affairs has launched the Corporate Mitra Scheme, aimed at training young graduates as paraprofessionals to assist MSMEs with compliance and financial services. Applications for the program will be processed through the Swayam Plus portal.
The NCLT ruled that a ₹200 crore future capital infusion must be treated separately from the creditor settlement under the resolution plan approved for Hind Agro.
NCLT approved Hind Agro’s ₹95 crore resolution plan, ruling that investments for future business revival cannot be included in the resolution plan value.
The NCLT ruled that a bank’s unilateral transfer of a corporate debtor’s funds cannot be reversed as a preferential transaction under Section 43 of the IBC in the absence of any preference by the debtor.
The NCLT has ruled that claims for avoidance relief under Section 43 of the IBC are invalid without evidence demonstrating that preferential treatment was granted by the corporate debtor.
The Madras High Court held that a pending appeal before the NCLAT does not hinder PNB’s Swiss challenge auction of stressed assets. Compliance with RBI directives was confirmed.
The NCLT ruled that prior classification of a loan as a Non-Performing Asset (NPA) does not negate previous defaults. This establishes clarity in the applicability of defaults even during suspension periods.
The ITAT ruled that books of accounts cannot be rejected merely on suspicion or perceived low profit rates.
The ITAT has ruled that travel reimbursements to non-resident entities without profit elements are not taxable in India.
The ITAT ruled that exemptions under Sections 54/54F cannot be denied for non-deposit in CGAS if investment is made in residential property timely.
ITAT ruled that income tax additions based on unsupported extrapolation of figures are impermissible.
The ITAT has allowed Section 87A rebate on short-term capital gains taxable under Section 111A for taxpayers with total income within ₹7 lakh.
The ITAT has restricted disallowance of bogus purchases to 8% of the purchase price in the absence of stock and sales rejection.