AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
The Calcutta High Court set aside a recovery decree issued during the IBC Section 96 interim moratorium, holding the suit was barred under Section 96(1)(b)(ii). This reinforces the protective nature of the moratorium against creditor actions.
The NCLAT mandated the preparation of a Resolution Plan addendum to address homebuyers' claims prior to NCLT approval. This decision safeguards homebuyers' interests during insolvency resolution processes.
The Supreme Court upheld the condonation of a delay in filing a second appeal while imposing a cost of ₹50,000 on the state. This ruling allows for expeditious disposal of pending appeals.
The RBI has imposed monetary penalties on several companies, including Satya MicroCapital and PAN Emami Cosmed, for non-compliance with regulatory directions.
The NCLT ruled that leased vehicles owned by a corporate debtor are part of the insolvency estate and must be returned to the Resolution Professional during CIRP.
The National Company Law Tribunal (NCLT) has ruled that fraud allegations raised after a demand notice do not qualify as a pre-existing dispute that could obstruct CIRP proceedings.
The NCLT has admitted an insolvency plea against Montecarlo Ltd., affirming that fraud claims raised after a demand notice do not constitute a pre-existing dispute under CIRP.
ROC Kolkata has imposed penalties on several companies and their certifying directors for filing incorrect MGT-7 and AOC-4 forms. These actions reinforce compliance responsibilities of corporate entities.
The NCLT Mumbai has approved a ₹203 Crore reduction of preference share capital under Section 66 of the Companies Act. This decision affirms legal compliance in restructuring corporate capital.
Cyril Amarchand Mangaldas advised Dixon Technologies on its joint venture with Vivo Mobile to manufacture electronic devices in India. The firm's contributions included due diligence and negotiation of key agreements.
The Calcutta High Court held that the Chairperson of the Insolvency and Bankruptcy Board of India (IBBI) cannot serve on the Disciplinary Committee, as the statute mandates such roles for Whole Time Members only.
The National Company Law Tribunal has levied a ₹50,000 cost due to the concealment of prior applications in a transfer plea. The amount is payable to the Prime Minister National Relief Fund.
The RBI has issued Second Amendment Directions for Local Area Banks on the resolution of stressed assets, enhancing their operational capacity and regulatory compliance.