AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The NCLAT has restored the corporate debtor's right to file a reply in insolvency proceedings, emphasizing that a litigant should not suffer due to their counsel's lapse. This ruling reinforces the importance of natural justice in insolvency protocols.
The Delhi High Court has ruled that advocates acting as insolvency professionals are liable to GST under the forward charge mechanism, while traditional legal services remain under the reverse charge mechanism.
The NCLT has admitted an application for Corporate Insolvency Resolution Process (CIRP) against Sun Granite Export after confirming a default of ₹3.95 crore. The decision was made despite objections regarding the records presented by NeSL.
India has revised its land-border Foreign Direct Investment (FDI) rules to include a 10% non-controlling beneficial ownership test, aimed at reducing approval uncertainties for foreign investors.
The Bombay High Court has reaffirmed that only SEBI has the prosecutorial authority in front-running cases, reiterating the Section 26 bar.
SEBI has proposed a framework for distributing fixed income securities through online bond platforms, inviting public comments for the implementation of eligibility and fees by September 11, 2026.
The NCLT has admitted a Corporate Insolvency Resolution Process (CIRP) against Sun Granite Export due to a default of ₹3.95 crore. This decision underscores the strength of documentary evidence including loan records and bank statements in insolvency proceedings.
The NCLAT upheld that a clerical rectification does not restart the limitation period for IBC appeals, confirming that existing disputes are subject to prior limitation constraints.
The RBI has imposed an ₹8.10 lakh penalty on Shri Ram Finance Corporation Pvt. Ltd. for non-compliance with KYC regulations. This action underscores the RBI's enforcement responsibilities in maintaining compliance within the financial sector.
The Calcutta High Court has upheld the discharge of a Chartered Accountant in a company law case, citing lack of mens rea and the limitation of the prosecution. This ruling reinforces the need for clear mens rea in corporate liability cases.
NCLAT Delhi has annulled share transfers that did not comply with Article 15 of the Articles of Association. This ruling reinforces the sanctity of corporate governance norms regarding share transfers.
The NCLT Mumbai has granted a waiver under Section 244, allowing a minority shareholder with 4.65% stake to pursue oppression claims without needing support from other shareholders. This landmark ruling emphasizes minority rights in corporate governance.
The Reserve Bank of India has updated the UNSC sanctions list for ISIL and Al-Qaida under Section 51A of UAPA, affecting four entries. This change requires immediate compliance by financial institutions to avoid regulatory penalties.