AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Punjab & Haryana High Court ruled that insolvency proceedings do not provide immunity to directors from prosecution under Section 138 of the Negotiable Instruments Act for cheque bounce cases.
The NCLAT has suspended a blanket ban on Resolution Professionals, determining that the IBBI overstepped its authority. This ruling emphasizes the need for balanced regulatory discipline and compliance.
The Directorate General of Foreign Trade has updated the ITC (HS) 2022 Import Policy to align with the recent Finance Act, affecting various HS codes and import conditions.
The Supreme Court ruled that the moratorium against corporate and personal guarantors under the IBC does not prevent recovery proceedings against a principal borrower not undergoing insolvency proceedings.
The Karnataka High Court has ruled that the HSNS Cess levied on pan masala manufacturers is arbitrary, as it is based on assumed production capacity rather than actual output.
The NCLT ruled that a fresh demand notice does not revive the limitation period for initiating CIRP against a corporate guarantor. This decision reinforces the importance of adhering to statutory timeframes for insolvency proceedings.
The NCLT ruled that financial creditors may simultaneously initiate the corporate insolvency resolution process (CIRP) against corporate guarantors, even if there has been a partial recovery under the principal borrower's resolution plan. This affirms the co-extensive liabilities of guarantors under the Insolvency and Bankruptcy Code (IBC).
The CESTAT Kolkata has ruled that interest on customs duty related to capital goods cleared from a MOOWR warehouse is not applicable unless there is actual use, overturning the previous demand based on intended use.
The CDSCO invites comments on brand name extensions used by pharmaceutical companies, following concerns about consumer confusion. This scrutiny may alter marketing practices within the pharmaceutical industry, prompting legal practitioners to advise clients accordingly.
The Kerala High Court upheld Union Bank's rights under the SARFAESI Act, ruling that an attachment following an equitable mortgage was ineffective and ordered the removal of the said attachment.
The Supreme Court affirmed that income tax penalty notices must clearly specify the exact charge under Section 271(1)(c). This ruling underscores the necessity for precision in tax penalty communications.
The National Company Law Tribunal ruled that the resolution professional can recover and preserve corporate debtor’s electric vehicle assets during the Corporate Insolvency Resolution Process, leaving pending dues claims for separate adjudication.
The Reserve Bank of India has released a circular outlining the operations and guidelines for Special Rupee Vostro Accounts (SRVAs), aimed at enhancing international trade settlements in Indian Rupees (INR). This move signals a strategic step towards furthering India's global trade footprint.