Latest court orders, judgments, and legal developments from Indian courts — AI-curated and summarized.
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 Supreme Court dismissed the Revenue's appeal concerning the classification of quicklime, affirming the CESTAT's ruling on its classification under CTH 2522.
The Madras High Court has quashed a duty drawback recovery order due to a 12-year delay in issuing the show cause notice and the lack of consideration of the petitioner's responses. This ruling underscores the necessity for timely action in customs matters.
The CESTAT Kolkata ruled that aluminium formwork is to be classified as a structure rather than a mould, thereby quashing the customs duty demand. This ruling clarifies the classification of such materials for taxation purposes.
The Reserve Bank of India has published Second Amendment Directions for Commercial Banks, enhancing protocols for income recognition, asset classification, and provisioning.
The Reserve Bank of India has enacted the Second Amendment Directions to improve income recognition, asset classification, and provisioning protocols for Small Finance Banks.
The Reserve Bank of India issues Third Amendment Directions regarding income recognition, asset classification, and provisioning for Non-Banking Financial Companies (NBFCs) to bolster financial stability.
The Reserve Bank of India has introduced Second Amendment Directions for All India Financial Institutions, focusing on income recognition, asset classification, and provisioning protocols.
The Reserve Bank of India has enacted the Third Amendment Directions focusing on income recognition, asset classification, and provisioning for Rural Co-operative Banks. These changes reflect the commitment to strengthen the banking infrastructure.
The Reserve Bank of India has amended directions related to income recognition, asset classification, and provisioning for Local Area Banks. These changes are crucial for maintaining financial stability in the banking sector.
The Himachal Pradesh High Court's ruling in SML Limited vs M/S Happy Agro Chemicals emphasizes jurisdictional principles regarding patent infringement and refines the understanding of forum shopping in intellectual property cases.