Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
The NCLT held that the Maharashtra Industrial Development Corporation's (MIDC) action to cancel the long-term allotment of an industrial plot during the liquidation of Jet Airways violates legal prohibitions against depleting the debtor's estate.
According to the NCLAT, interest liability acknowledged by the corporate debtor on inter-corporate deposits (ICDs) must be considered part of the financial debt when assessing statutory default thresholds under the IBC.
The NCLT ruled that banks are prohibited from withholding funds of corporate debtors during the Corporate Insolvency Resolution Process (CIRP) based solely on unresolved diversion claims. The directive mandates banks to transfer the fixed deposits to the CIRP account.
The Reserve Bank of India has introduced the Second Amendment Directions for Local Area Banks focusing on the resolution of stressed assets, improving compliance and operational integrity.
The Reserve Bank of India has introduced the Second Amendment Directions for Commercial Banks regarding Income Recognition, Asset Classification, and Provisioning, targeting enhanced financial practices.
The Reserve Bank of India has introduced the Third Amendment Directions for Non-Banking Financial Companies, focusing on Income Recognition, Asset Classification, and Provisioning to enhance financial management.
The Reserve Bank of India has issued the Second Amendment Directions concerning Income Recognition, Asset Classification, and Provisioning for All India Financial Institutions, aiming to strengthen financial practices.
The Reserve Bank of India has introduced the Second Amendment Directions for Regional Rural Banks focusing on Income Recognition, Asset Classification, and Provisioning. This highlights a significant regulatory update aimed at improving financial stability.
The Reserve Bank of India has amended the Income Recognition, Asset Classification and Provisioning guidelines for Local Area Banks. This amendment aims to enhance the financial stability and supervisory framework for these banks.
The CESTAT Kolkata has set aside penalties under Section 114A, reversing the duty demand and confiscation following a failed reclassification of goods. The ruling highlights the need for accurate classification based on substantiated evidence.
The RBI has introduced reporting measures for FCNR(B) deposits and External Commercial Borrowings as part of its strategy to enhance capital inflows amid current economic conditions.
The CDSCO has initiated scrutiny over brand name extensions by pharma companies, signaling potential regulatory changes in the industry.