AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The RBI has notified updates to the UNSC's 1988 Taliban sanctions list as part of compliance with Section 51A of the UAPA, 1967. The amendments require vigilance in banking operations to prevent financing of terror activities.
The RBI has issued notifications regarding updates to the UNSC’s Al-Qaida sanctions list as part of the implementation of Section 51A of the UAPA, 1967. Banks and financial institutions are mandated to comply with these updates to enhance national security measures.
The Controller General of Patents, Designs and Trademarks (CGPDTM) has released draft guidelines for biotechnology patent applications, inviting stakeholder input. These guidelines aim to streamline patent processes in the healthcare sector as the need for robust patent protections in biotech continues to grow.
The Fourth Amendment to FEMA Non-Debt Instruments Rules, 2019 now permits inventory-based e-commerce exports of Indian goods, providing a significant boost to e-commerce businesses. This amendment is consistent with the Foreign Trade Policy 2023.
The NCLT has admitted a CIRP application filed by the Central Bank of India against a corporate guarantor due to a default of ₹27.29 crores. The bank provided proof of guarantee invocation, which was critical in establishing the case.
The Controller General of Patents, Designs and Trademarks has announced draft guidelines for examining patent applications in the pharmaceutical and biotechnology sectors, inviting feedback from stakeholders.
The NCLT has admitted a plea for the Corporate Insolvency Resolution Process (CIRP) against a corporate debtor, affirming that SARFAESI proceedings do not prevent a default under the IBC. The operational debt was validated, with no pre-existing disputes established.
The NCLAT upheld the Corporate Insolvency Resolution Process (CIRP) ruling, stating that an agreement to sell does not discharge operational debt of ₹5.73 crore, rejecting the 'moonshine' defence. The court found no genuine pre-existing dispute regarding goods supplied, confirming the obligations under the IBC.
In a significant ruling, the NCLT admitted a CIRP petition valued at ₹38.28 crore, asserting that SARFAESI proceedings do not restrain corporate debtors from defaulting under the IBC framework.
The Insolvency and Bankruptcy Board of India (IBBI) has suspended an insolvency professional for two years due to the lack of consultation with the Stakeholders Consultation Committee (SCC) and for non-compliance with regulatory oversight during a significant sale involving ₹507.2 crore.
The NCLAT affirmed the initiation of Corporate Insolvency Resolution Process (CIRP) as the agreement to secure payment did not support claims of a genuine pre-existing dispute regarding supplied goods. This decision signifies the NCLAT's position on prioritizing operational debt repayment.
The article discusses whether limitation of liability clauses are void under Section 23 of the Indian Contract Act, 1872. It outlines the implications of Sections 73 and 74 regarding secondary obligations due to breach of primary obligations in contracts.
The Delhi High Court held that a pre-CIRP Customs demand, not filed before the resolution professional, cannot be enforced after the approval of the resolution plan. This ruling has significant implications for corporate insolvency proceedings.