AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Reserve Bank of India has issued the Third Amendment Directions for Rural Cooperative Banks focusing on income recognition and asset provisioning. This amendment is anticipated to improve financial practices among cooperative banks.
The RBI has issued the Second Amendment Directions for Regional Rural Banks focusing on income recognition and asset classification. This regulatory measure aims to strengthen the handling of stressed assets in the rural banking sector.
The Reserve Bank of India has issued the Second Amendment Directions for Local Area Banks concerning income recognition, asset classification, and provisioning standards. This amendment seeks to enhance the robustness of financial practices in local banks.
The Reserve Bank of India has issued draft amendments to the Securitisation Transactions Regulations, aiming to enhance efficiency, liquidity, and transparency in the securitisation process.
The Reserve Bank of India has cancelled the banking license of Paytm Payments Bank Limited, effective April 24, 2026, due to non-compliance with regulatory requirements as per the Banking Regulation Act, 1949.
The Reserve Bank of India (RBI) has outlined new reclassification criteria for Non-Banking Financial Companies (NBFCs) effective July 2026. It introduces Type I and Type II categories and details conditions for deregistration and the definition of public funds.
The Bombay High Court ruled that the Income Tax Department is barred from reviving any income tax demands post-approval of a resolution plan by the NCLT. This decision reinforces the finality of the resolution process under the Insolvency and Bankruptcy Code.
The Andhra Pradesh High Court ruled that the secured creditor's charge under the SARFAESI Act takes precedence over the GST Department's claims. The attachment of mortgaged property by the GST Department has been set aside, allowing secured creditors to recover their dues first.
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.