Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
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.
The Reserve Bank of India has modified the returns and reporting requirements under FEMA, necessitating updated compliance measures from authorized persons. This adjustment reflects an evolving regulatory landscape in foreign exchange operations.
The Reserve Bank of India has conducted a review of circulars issued under the Foreign Exchange Management Act, 1999, aimed at rationalizing the regulatory framework. This update is significant for authorized persons dealing with foreign exchange regulations in India.
The Reserve Bank of India has issued the final directions on the Trade Receivables Discounting System (TReDS), aiming to enhance the regulatory framework for trade financing.
The Kerala High Court ruled that SARFAESI recovery procedures do not require approval from the National Trust for properties of disabled wards, allowing petitioners to seek relief from the Debt Recovery Tribunal.
The NCLT has admitted an insolvency plea by Aditya Birla Finance against a personal guarantor, reinforcing the continuing guarantee that keeps liability alive beyond liquidation. A moratorium on recoveries has been imposed.
The NCLT has initiated the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the IBC for a default amounting to ₹16.53 crores. A moratorium has been declared under Section 14 of the IBC.