Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The Bombay High Court has ruled that the Income Tax Department cannot revive its demand for taxes after a resolution plan is approved by the National Company Law Tribunal (NCLT) if the claim was not filed during insolvency proceedings.
The Madras High Court upheld penalties on a company director and financial advisor for their roles in evading excise duty, affirming the necessity for compliance.
In a significant ruling, the Bombay High Court quashed the orders declaring directors as wilful defaulters, citing the lack of reasoned judgments as a breach of natural justice. This reinforces the requirement for transparency in such decisions.
The Bombay High Court has ruled that the interim moratorium under Section 96 of the IBC operates against the entire debt of the corporate debtor, thereby staying arbitration proceedings. This development emphasizes the comprehensive nature of the moratorium intended by the IBC.
The RBI has issued draft Amendment Directions for improving efficiency and transparency in securitisation transactions, inviting public comments. This initiative reflects the RBI's ongoing efforts to enhance the liquidity of financial markets.
RBI is seeking public comments on its draft Foreign Investment Rules, 2026 until August 31, promoting a simplified and principle-based foreign investment framework.
RBI's new reclassification of Non-Banking Financial Companies (NBFCs) outlines Type I and II criteria, defines public funds, and introduces conditions for deregistration. The phased implementation through PRAVAAH is set for July 2026.
The National Company Law Appellate Tribunal (NCLAT) has suspended the blanket ban imposed by the Insolvency and Bankruptcy Board of India (IBBI) on resolution professionals, emphasizing the need for balanced regulatory measures. The ruling highlights the importance of proportional penalties and adherence to the principles of natural justice.
The Madras High Court ruled that post-demerger revised Income Tax Returns (ITR) must be filed based on updated balance sheets and audited profit and loss accounts.
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.