AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
FeaturedThe NCLT dismissed a ₹7 crore resolution plan, finding it failed to protect statutory entitlements of dissenting creditors under Section 30(2)(b) of the IBC.
FeaturedThe Securities Appellate Tribunal (SAT) has set aside SEBI's rejection of an open offer withdrawal, remitting the matter for a speaking order. The tribunal found that crucial material submissions were not considered by SEBI.
FeaturedIn a notable ruling, NCLT Mumbai has granted a waiver to a 4.65% minority shareholder from the Section 244 threshold for pursuing oppression claims, establishing a precedent for minority shareholder rights.
FeaturedThe NCLT Delhi has sanctioned a capital reduction and reorganization scheme under Sections 230-232 of the Companies Act for Western UP Tollway. This development is integral for the financial restructuring of the company.
FeaturedThe NCLAT Delhi has, by a 2:1 majority, upheld a corporate debtor's existing easementary right of way during the liquidation process, affirming the NCLT's jurisdiction under Section 60(5)(c) of the Insolvency and Bankruptcy Code (IBC). This ruling emphasizes the significance of maintaining pre-existing rights in corporate insolvency scenarios.
FeaturedThe Supreme Court has quashed Gujarat High Court directions that compelled CWC to accept the relocation of its warehouse. The matter has been remitted for fresh consideration.
FeaturedThe Bombay High Court has quashed a front-running FIR, determining that only SEBI has the authority to initiate prosecution under Section 26 of the SEBI Act, thereby impacting the prosecution landscape of securities law violations.
FeaturedThe Securities Appellate Tribunal has set aside SEBI's communication regarding the withdrawal of an open offer based on Material Adverse Effect and remanded it for reconsideration.
FeaturedThe Reserve Bank of India has announced updates to the UNSC’s Sanctions List concerning ISIL and Al-Qaida under Section 51A of the UAPA, impacting financial institutions. This amendment includes the addition of 21 entries, enhancing compliance measures.
FeaturedThe Madras High Court has quashed a customs order issued after a 14-year delay, ruling that prolonged delays are not authorized under the provisions of the Customs Act.
FeaturedThe Bombay High Court has ruled that only the Securities and Exchange Board of India (SEBI) has the authority to prosecute front-running cases, reaffirming the Section 26 bar against other entities. This decision underlines SEBI's exclusive jurisdiction over such offences, highlighting the regulatory framework surrounding securities law.
FeaturedThe IBBI has revoked an Insolvency Professional's registration for facilitating fraudulent CIRPs and failing to disclose significant litigation.
FeaturedThe Insolvency and Bankruptcy Board of India (IBBI) has revoked the registration of an Insolvency Professional (IP) due to failures in investigating suspicious Corporate Insolvency Resolution Processes (CIRPs), valuation discrepancies, and potential fraudulent transactions.