AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Reserve Bank of India (RBI) has canceled the registrations of 135 non-banking financial companies (NBFCs) under Section 45-IA. This action reflects ongoing regulatory scrutiny and adherence to the 'SBR framework' for ensuring cooperative and healthy practices within the sector.
The Bombay High Court has remanded the proceedings regarding wilful defaulter orders, allowing for their withdrawal due to violations of natural justice. Fresh proceedings will require the disclosure of relevant material, personal hearings, and reasoned orders.
The Gujarat High Court granted anticipatory bail to petitioners involved in a partnership dispute, clarifying that financial discrepancies in ITRs do not constitute evidence of a money lending offence.
The Calcutta High Court quashed a show cause notice issued by Bank of Baroda, ruling that reliance on an inconclusive forensic audit report without further inquiry was unjustified.
The Punjab and Haryana High Court emphasized that simply stating a taxpayer's response as 'not satisfactory' is insufficient for valid GST adjudication. The court's ruling underscores the need for a detailed assessment of a taxpayer's justification.
The Calcutta High Court declined TMC's request to operate frozen bank accounts linked to an ED investigation worth ₹440 crore.
Khaitan & Co has facilitated a Composite Scheme of Arrangement for the amalgamation of Woodlands Multispeciality Hospital and RPSG Ventures Limited.
A judge of the Allahabad High Court has filed a petition against the denial of tax exemption on statutory allowances. The Court has requested responses from the government and the CBDT.
The NCLT has accepted a Section 7 insolvency plea by Indian Overseas Bank against a toll road company following a ₹117.74 crore debt default.
The Orissa High Court ruled that a corporate debtor cannot be criminally prosecuted for environmental violations occurring before the initiation of Corporate Insolvency Resolution Process (CIRP) once a resolution plan is approved and a new management is in place.
The Delhi High Court upheld taxation on commissions earned from bogus donation receipts issued by a political party, reiterating that fraudulent practices cannot shield entities from tax obligations.
The Delhi High Court invalidated GST notices due to the department's inability to issue a Section 73 order within stipulated time limits. This decision reinforces the necessity of timely compliance by tax authorities.
The Gujarat High Court has reopened proceedings concerning the Employee State Insurance (ESI) applicability for women rolling pappads, declaring that income tax exemptions do not bar ESI contributions.