AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Calcutta High Court ruled that Section 107 of the BNSS Act does not provide adequate safeguards for third parties, applying a stringent 'reason to believe' test to quash a property attachment order. This highlights the need for more comprehensive legal frameworks.
The Calcutta High Court quashed an FIR in a dispute worth Rs 3.3 crore, determining that the FIR filed after unsuccessful IBC proceedings constituted an abuse of process. The court noted that the petitioner had already made payments in compliance with previous orders.
The Calcutta High Court ruled that Company Courts can transfer winding up petitions to the NCLT on their own accord under Section 434(1)(c) of the Companies Act, 2013.
The Reserve Bank of India has undertaken a review of circulars issued under the Foreign Exchange Management Act, 1999. This review aims to streamline and update regulatory measures affecting authorised persons.
The Karnataka High Court ruled that KPTCL cannot unilaterally revise supervision charges payable by consumers for self-executed electrical works. The court quashed a demand notice of ₹1.2 crore issued to Anushka Realty, emphasizing that any charge revision requires approval from the Karnataka Electricity Regulatory Commission (KERC).
The Calcutta High Court has ruled that company courts may transfer pending winding-up petitions to the NCLT on their own accord under Section 434 of the Companies Act, 2013, without the need for a formal application from the parties.
The National Company Law Tribunal has initiated Corporate Insolvency Resolution Process (CIRP) against Fabzen Technologies at the request of One97 Communications, Paytm's parent company, citing ₹3.41 crore in outstanding dues.
The Calcutta High Court has ruled that Company Courts possess the authority to transfer pending winding up petitions to the National Company Law Tribunal (NCLT) under Section 434 of the Companies Act, 2013 without a mandatory application.
The Reserve Bank of India has announced modifications to the returns and reporting requirements under FEMA, enhancing compliance frameworks for authorized persons and promoting efficient foreign exchange operations.
The Reserve Bank of India has announced a review of various circulars issued under the Foreign Exchange Management Act, 1999 (FEMA) to rationalize the regulatory framework, impacting authorized persons involved in foreign exchange.
The Calcutta High Court ruled that a commercial dispute over unpaid invoices is civil, quashing criminal proceedings against company directors.
The NCLT has admitted IDBI Bank's Section 7 IBC petition worth ₹20.17 crores, stating that a recovery certificate validates both the debt and default. The bench has also directed the bank to contribute towards CIRP expenses.
The NCLT initiated Corporate Insolvency Resolution Process (CIRP) against a corporate debtor, confirming that a guarantor's liability is on par with the borrower's. An interim resolution professional was appointed, and a moratorium restricting recovery actions was imposed.