AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
Following the rejection of the only resolution plan by the Committee of Creditors, the NCLT has ordered the liquidation of the corporate debtor, highlighting procedural routes in insolvency.
The NCLT Principal Bench has dissolved AVJ Infrastructure after it completed the liquidation process and assigned its residual assets, reinforcing the provisions under section 54 of the IBC.
The NCLT Principal Bench has permitted the dissolution of a corporate debtor post asset assignment, affirming that such a dissolution is valid when no further assets are available for distribution.
An Ordinance has been promulgated to raise the Supreme Court's sanctioned judge strength from 33 to 38. This amendment could enhance the court's capacity to handle cases and improve judicial efficiency.
The NCLAT has determined that conditional payments linked to internal calculations can be considered as admissions of undisputed operational liability. This ruling may affect ongoing insolvency cases.
The NCLT has ordered the liquidation of a corporate debtor following the rejection of its only resolution plan by the Committee of Creditors (CoC). This ruling outlines the procedure in case of plan rejections.
The NCLAT has upheld the admission of insolvency by emphasizing that operational debts cannot be offset by pre-existing disputes over supply delays or defects. The ruling clarifies the applicability of the IBC regarding admitted debts.
The NCLT Principal Bench has ordered the dissolution of AVJ Infrastructure following the completion of its liquidation process. This ruling confirms the eligibility for dissolution under Section 54 of the IBC.
The NCLT Principal Bench has permitted the dissolution of a corporate debtor after the assignment of avoidance proceedings and remaining assets during the liquidation process. This ruling highlights the conditions under which dissolution can be deemed valid.
The ITAT has ruled that Joint Development Agreements and occupancy certificates disclosed before IT searches cannot be deemed incriminating material under Section 153A of the Income Tax Act, impacting the scope of tax searches.
The ITAT Bangalore contended that Section 45(5A) of the Income Tax Act does not apply retrospectively, allowing tax practitioners to navigate JDAs executed before April 1, 2018 without retrospective capital gains tax implications.
The ITAT Delhi has ruled that the recent amendment to Section 32(1)(ii) of the Income Tax Act regarding goodwill will apply prospectively. This decision guarantees tax depreciation on goodwill acquired prior to the amendment.
The RBI has sanctioned the voluntary amalgamation of The Bhavani Sahakari Bank Ltd., Mumbai, with TJSB Sahakari Bank Ltd., effective May 4, 2026.