AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Insolvency and Bankruptcy Board of India (IBBI) directed its CPIO to expedite the disposal of RTI applications after a complaint regarding delayed responses. This ruling emphasizes the importance of timely information dissemination under the RTI Act.
The NCLT has ordered liquidation after finding that no Expressions of Interest (EOI) or resolution plans were received despite multiple Form G publications, backed by an 83.10% vote from the Committee of Creditors (CoC).
The NCLAT has temporarily stayed the NCLT's rejection of an 83.97% Committee of Creditors (CoC)-approved resolution plan due to concerns over related-party transactions and share valuation, necessitating further appellate review.
The NCLT has admitted a corporate insolvency resolution process (CIRP) for a ₹6.58 crore claim, highlighting that disputes over reconciliation and pricing raised post-demand notice were insufficient to block the process. Emails acknowledging outstanding dues played a crucial role in this decision.
The ITAT ruled that interest awarded under the Land Acquisition Act cannot be taxed as income.
ITAT validated the physical transfer of unlisted shares, allowing for capital loss claims.
The ITAT affirmed the CIT(A)'s directive to estimate a 16% profit on unaccounted receipts during a search.
SEBI plans to simplify the KYC process for Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs), and other foreign nationals, making it easier to onboard while outside India. This proposal is aimed at enhancing accessibility.
SEBI has permitted Infrastructure Investment Trusts (InvITs) to include debt-funded road maintenance expenses in their Net Distributable Cash Flows (NDCF), contingent upon certain conditions. This ruling aims to provide clearer guidelines and improve operational flexibility for InvITs.
The RBI's fourth amendments for Local Area Banks focus on responsible practices in recovery operations, enhancing consumer rights protection.
The RBI has introduced fourth amendment directions for Regional Rural Banks, focusing on responsible engagement with recovery agents to enhance consumer protection.
The RBI has introduced the fourth amendment directions for Rural Co-operative Banks focusing on ethical recovery agent engagement, promoting responsible practices in the sector.
The RBI has amended its Responsible Business Conduct directions for All India Financial Institutions (AIFIs) focusing on recovery agent responsibilities, enhancing accountability and transparency.