AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The NCLT has admitted Canara Bank's insolvency plea against a corporate guarantor worth ₹119.64 crore, confirming that the Corporate Insolvency Resolution Process (CIRP) of a principal borrower does not preclude the initiation of insolvency proceedings against the guarantor.
The NCLT has ruled that a personal guarantor moratorium cannot impede independent corporate insolvency proceedings against a debtor with a financial default of ₹46.62 crore. This decision underscores the separate legal identities of guarantors and corporate debtors.
SEBI has proposed an exemption allowing eligible listed issuers to forgo mandatory merchant banker appointments for small-value debt private placements of up to ₹10,000. This initiative aims to enhance issuance efficiency and reduce compliance burdens.
The NCLT has sanctioned the merger of Aureustech Systems with Happiest Minds Technologies, effective April 1, 2026.
The NCLAT has set aside an NCLT order, clarifying that Section 98 necessitates proof of impracticability in convening an EGM.
The NCLAT affirmed the right of the Resolution Professional to obtain revenue records, rejecting claims of disputed ownership as a reason to withhold the information.
The NCLT has rejected a resolution plan due to lack of statutory valuation for a ₹1,000 share conversion, resulting in ordered liquidation for non-compliance with the Companies Act.
A chartered accountant has been booked for allegedly issuing fraudulent Form 15CB certificates, leading to foreign remittances amounting to ₹464.8 crore through two suspected shell firms. This action has raised significant concerns over regulatory compliance in financial transactions.
In a significant ruling, the NCLAT has upheld the resolution professional's right to obtain mall revenue records, deeming them vital for scrutinizing disputed transactions during the CIRP.
Due to the repeated failure to supply a mandatory Performance Bank Guarantee, the NCLT has ordered the liquidation of a corporate entity, deeming the resolution plan non-responsive.
The NCLT has rejected a resolution plan that proposed ₹7 Crores against a liquidation value of ₹9.42 Crores, finding it inadequate in protecting the statutory rights of dissenting creditors.
The NCLT has rejected a resolution plan involving ₹1,000 share conversion due to non-compliance with statutory valuation requirements under the Companies Act, leading to an order for liquidation.
SEBI has announced the alignment of its cyber incident reporting portal with the Financial Stability Board's FIRE format, mandating structured reporting for regulated entities. This is a significant regulatory shift towards enhancing cybersecurity measures.