AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Bombay High Court has approved a revival plan for Svadeshi Mills worth ₹1,200 crore, asserting the plan protects workers' dues and satisfies public interest. The ruling is significant for stakeholders involved in corporate restructuring.
The ICAI has reprimanded a Chartered Accountant for conducting three tax audits without a valid certificate of practice and imposed a fine of ₹50,000. This ruling emphasizes the necessity for compliance with certification regulations under the CA Act.
The Madras High Court has quashed a customs duty and penalty demand of ₹4.56 crore against a clearance facilitator, citing insufficient evidence of knowledge regarding concealed goods. This ruling reinforces the standards for liability in customs breaches.
The Delhi High Court has ruled that clearance from a Free Trade and Warehousing Zone (FTWZ) to a Domestic Tariff Area (DTA) constitutes a new import, thus denying related re-import exemptions. This ruling impacts businesses operating between FTWZ and DTA.
In a recent ruling, the Delhi High Court upheld customs liability related to manipulated duty scrips while setting aside the separate penalty imposed under Section 112. The decision clarifies the application of penalties in cases of forged documentation.
The Delhi High Court has upheld the refusal of CESTAT to condone a 968-day delay in a customs appeal, noting there was no substantial question of law or adequate reason provided for the delay. This reinforces the strict adherence to timelines in customs litigation.
The Gujarat High Court has ruled that customs authorities cannot indefinitely detain an imported vehicle without a formal seizure order. This decision highlights the legal limitations imposed by Section 110 of the Customs Act regarding the detention period of goods.
NCLT Mumbai has admitted a petition for Corporate Insolvency Resolution Process (CIRP) against Citron Infraprojects as a corporate guarantor, despite ongoing insolvency proceedings of the borrower. This decision clarifies the obligations of guarantors.
The Karnataka High Court has ordered the National Company Law Tribunal (NCLT) to expeditiously consider the Resolution Professional's plea regarding the sale of Byju’s K3 assets, while declining to allow parallel proceedings. This decision indicates the court's support for a swift resolution of corporate disputes.
Justice Tejas Karia of the Delhi High Court has called for statutory recognition of emergency arbitration and a dedicated arbitration bench at GIFT City to enhance dispute resolution mechanisms in India. He emphasized the existing procedural bottlenecks under various sections of the Arbitration Act.
The Bombay High Court in Jyothy Labs v. Dabur ruled on a trademark dispute over the use of 'NEEM'. The case illustrates complexities surrounding essential-feature protection and the descriptive-suggestive divide, raising questions about the Court's reasoning in trademark law.
SEBI has penalized a company ₹1.05 crore and banned it and its promoters from the securities market for one year due to misleading IPO disclosures and fictitious transactions.
In a significant ruling, the NCLT treated the sale and leaseback of cloud storage as a financial lease, allowing for the admission of a ₹1.63 crore insolvency petition.