AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Uttarakhand High Court has dismissed a batch of writ petitions, stating that Section 5 of the Limitation Act cannot be applied to GST appeals filed beyond the four-month statutory deadline. The court emphasized that allowing such appeals would contravene legislative intent.
The Bar Council of India (BCI) has mandated immediate implementation of a circular concerning social media conduct, digital ethics, and professional responsibility for law colleges and State Bar Councils.
CCPA imposed a ₹10 lakh penalty on Amazon due to misleading information in its walkie-talkie product listings. This highlights the responsibility of e-commerce platforms to ensure compliance with consumer protection standards.
The CCPA has levied a ₹10 lakh fine on TradeIndia for failing to include mandatory disclosures in its walkie-talkie product listings. This ruling highlights the necessity of compliance with consumer protection regulations.
The Central Consumer Protection Authority (CCPA) imposed a ₹5 lakh penalty on Jaquar for misleading claims regarding a 50,000-hour LED product lifespan. The authority mandated the discontinuation of such claims pending proper substantiation.
The CDSCO has initiated a review of the use of brand name extensions by pharmaceutical companies in response to industry concerns, indicating potential regulatory changes in the sector.
The NCLT clarified that findings from a forensic audit do not negate a corporate debtor's ownership rights over fixed deposits during CIRP proceedings.
The NCLT held that the Maharashtra Industrial Development Corporation's (MIDC) action to cancel the long-term allotment of an industrial plot during the liquidation of Jet Airways violates legal prohibitions against depleting the debtor's estate.
According to the NCLAT, interest liability acknowledged by the corporate debtor on inter-corporate deposits (ICDs) must be considered part of the financial debt when assessing statutory default thresholds under the IBC.
The NCLT ruled that banks are prohibited from withholding funds of corporate debtors during the Corporate Insolvency Resolution Process (CIRP) based solely on unresolved diversion claims. The directive mandates banks to transfer the fixed deposits to the CIRP account.
The Reserve Bank of India has introduced the Second Amendment Directions for Local Area Banks focusing on the resolution of stressed assets, improving compliance and operational integrity.
The Reserve Bank of India has introduced the Second Amendment Directions for Commercial Banks regarding Income Recognition, Asset Classification, and Provisioning, targeting enhanced financial practices.
The Reserve Bank of India has introduced the Third Amendment Directions for Non-Banking Financial Companies, focusing on Income Recognition, Asset Classification, and Provisioning to enhance financial management.