AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
RBI is seeking public comments on its draft Foreign Investment Rules, 2026 until August 31, promoting a simplified and principle-based foreign investment framework.
RBI's new reclassification of Non-Banking Financial Companies (NBFCs) outlines Type I and II criteria, defines public funds, and introduces conditions for deregistration. The phased implementation through PRAVAAH is set for July 2026.
The National Company Law Appellate Tribunal (NCLAT) has suspended the blanket ban imposed by the Insolvency and Bankruptcy Board of India (IBBI) on resolution professionals, emphasizing the need for balanced regulatory measures. The ruling highlights the importance of proportional penalties and adherence to the principles of natural justice.
The Madras High Court ruled that post-demerger revised Income Tax Returns (ITR) must be filed based on updated balance sheets and audited profit and loss accounts.
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 Directorate General of Foreign Trade has updated the ITC (HS) 2022 Import Policy to align with the recent Finance Act, affecting various HS codes and import conditions.
The Supreme Court ruled that the moratorium against corporate and personal guarantors under the IBC does not prevent recovery proceedings against a principal borrower not undergoing insolvency proceedings.
The Karnataka High Court has ruled that the HSNS Cess levied on pan masala manufacturers is arbitrary, as it is based on assumed production capacity rather than actual output.
The NCLT ruled that a fresh demand notice does not revive the limitation period for initiating CIRP against a corporate guarantor. This decision reinforces the importance of adhering to statutory timeframes for insolvency proceedings.
The NCLT ruled that financial creditors may simultaneously initiate the corporate insolvency resolution process (CIRP) against corporate guarantors, even if there has been a partial recovery under the principal borrower's resolution plan. This affirms the co-extensive liabilities of guarantors under the Insolvency and Bankruptcy Code (IBC).
The CESTAT Kolkata has ruled that interest on customs duty related to capital goods cleared from a MOOWR warehouse is not applicable unless there is actual use, overturning the previous demand based on intended use.
The CDSCO invites comments on brand name extensions used by pharmaceutical companies, following concerns about consumer confusion. This scrutiny may alter marketing practices within the pharmaceutical industry, prompting legal practitioners to advise clients accordingly.