Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The NCLT ruled that a financial creditor cannot be compelled to wait for a One-Time Settlement (OTS) when both debt and default are acknowledged, permitting the admission of a CIRP.
The NCLT ruled that without statutory determination under the EPF Act, the EPFO cannot lodge PF claims in insolvency proceedings. This ruling upholds procedural integrity in CIRP.
The NCLT ruled that a Recovery Certificate issued by the Debt Recovery Tribunal (DRT) revives the limitation period, allowing a ₹17.54 crore insolvency plea against Sunbeam Dealers.
The NCLAT ruled that a mortgage of property without actual fund disbursal does not qualify as financial debt under the Insolvency and Bankruptcy Code (IBC), reinforcing the necessity of actual fund flows.
The NCLAT ruled that timely claims for corporate insolvency resolution process (CIRP) cannot be rejected due to minor procedural or technical objections, ensuring access to justice for creditors.
The RBI has announced the auction of Government of India Treasury Bills, providing vital information for investors and financial institutions.
The Reserve Bank of India has released its 46th Half-Yearly Report on the management of foreign exchange reserves, enhancing transparency and public disclosure practices since 2004.
The Government's fee waiver for sports-related IP registrations highlights crucial questions on ownership and exclusivity in sporting culture. This move represents a shift towards enclosing sports culture under intellectual property rights.
The ITAT Mumbai deemed the rectification valid under Section 154 following the issuance of Form 3CL by DSIR for eligible R&D deductions. This reinforces the importance of procedural adherence in tax rectification processes.
The ITAT ruled that the transfer of leasehold rights along with constructed property falls within the scope of Section 50C. This decision mandates fresh adjudication on reassessment validity.
The ITAT Delhi reduced the profit estimation for an entity that acted as a pass-through, emphasizing a more accurate assessment based on prior rulings. This decision ensures consistency in tax assessments.
The ITAT Amritsar ruled that a Directorate of Valuation (DVO) report alone cannot justify a tax addition under Section 69 without evidence of extra payment. This emphasizes the need for supporting documentation in valuation assessments.