Supreme Court
Supreme Court Sets Up Ex-CJ-Led Committee To Resolve Claims In Alleged Sai Prakash Fraud Cases
The top court also granted promoter Pushpendra Singh Baghel interim bail for three months
Pending Suit Dispute Could Be Referred To Arbitration Only Through Court Under 1940 Act: Supreme Court
The Supreme Court on Friday held that under the now-repealed Arbitration Act, 1940, parties to a pending civil suit could not validly refer their dispute to arbitration without jointly approaching the court where the suit was pending for a reference. The court consequently decreed a suit for possession and mesne profits concerning a property in Gwalior and set aside a Madhya Pradesh High Court judgment that had upheld dismissal of the suit. A bench of Justices J.K. Maheshwari and Atul...
Supreme Court Says Criminal Prosecution After DRT-Recorded Loan Settlement Was Abuse of Process
The Supreme Court on Friday quashed criminal proceedings against a borrower accused of obtaining enhanced credit facilities using forged audit reports, holding that continuation of the prosecution would amount to an abuse of process after the loan account had been settled under a compromise approved by the bank, implemented by the parties and recorded before the Debts Recovery Tribunal (DRT). A Bench of Justices B.V. Nagarathna and Ujjal Bhuyan passed the judgment while allowing an appeal filed...
Supreme Court Refuses To Interfere With Arrest Of Ex-VVCMC Town Planning Officer In Money Laundering Case
The Supreme Court on Tuesday (May 26) refused to interfere with a Bombay High Court judgment that upheld the arrest of former Vasai-Virar City Municipal Corporation (VVCMC) Deputy Director of Town Planning Y. Shiva Reddy by the Enforcement Directorate. The case concerns alleged illegal constructions and corruption linked to development permissions in the Vasai-Virar area. A Bench of Justices Vikram Nath and Sandeep Mehta dismissed Reddy's special leave petition against the High Court's March...
Arbitration In India Has Not Failed, Courts Sometimes Have Failed Arbitration: Supreme Court
The Supreme Court on Friday remarked that “Arbitration in India has not failed; however, Courts sometimes have failed arbitration in India,” while dismissing Madhya Pradesh Road Development Corporation Ltd.'s (MPRDC) challenge to an arbitral award that had already survived multiple rounds of judicial scrutiny over nearly 12 years. A Bench of Justice J.K. Maheshwari and Justice Atul S. Chandurkar made the observation while refusing to interfere with an arbitral award in favour of Jabalpur...
'Inelegantly Drafted': Supreme Court Lays Down Two-Part Framework For Establishing Fraud Under PFUTP Regulations
The Supreme Court on Friday held that the definition of fraud under Regulation 2(1)(c) of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003, suffers from "inelegant legislative drafting." Adopting a purposive interpretation of the provision, laid down a two-part framework for establishing fraud. Observing that the definition of fraud under Regulation 2(1)(c) appears to treat both deceitful intention and proof of wrongful gain or avoidance of loss as non-essential...
Supreme Court Defreezes Accounts Of Trader Involved In CNBC Awaaz 'Pandya Ka Funda' Market Manipulation Case
The Supreme Court on Friday ordered the defreezing of the bank accounts of trader Alpesh Vasanji Furiya, who is accused by SEBI of trading on advance knowledge of stock recommendations aired by CNBC Awaaz anchor Pradeep Pandya on the programme 'Pandya Ka Funda'. The Court passed the order after noting that ₹8.39 crore had already been deposited towards the disgorgement amount. The Court also directed that the amount lying in an escrow account shall continue. It issued notice on Furiya's...
Supreme Court Sets Aside Fraud Findings, ₹447-Crore Disgorgement Order Against Reliance In RPL Futures Trading Case
The Supreme Court on Friday partly allowed Reliance Industries Limited's appeal in the Reliance Petroleum Limited (RPL) futures trading case, setting aside findings of fraud and market manipulation, quashing a ₹447.27 crore disgorgement order, and directing the refund of ₹250 crore deposited by the company. However, the Court upheld the finding that Reliance had violated disclosure requirements relating to position limits under a 2001 Securities and Exchange Board of India (SEBI) circular and...
Supreme Court Issues Notice On Plea Alleging Jaypee Used “Facade” Deals To Divert ₹13,833 Crore Homebuyer Funds
The Supreme Court on Tuesday issued notice on a writ petition alleging that Rs. 13,833 crore out of Rs. 14,599 crore collected from homebuyers by the Jaypee Group was diverted through transfers to group entities and undervalued land transactions. The matter came up before a bench comprising the Chief Justice Surya Kant, Justice Joymalya Bagchi and Justice Vipul M. Pancholi issued notice. “Issue notice, returnable on 15.07.2026,” the court recorded.Filed by a homebuyer in the 'KASABLANCA'...
Supreme Court Seeks Attorney General's Intervention Over Long-Vacant Administrative Posts In ITAT
The Supreme Court on May 26 expressed concern over longstanding vacancies in the administrative establishment of the Income Tax Appellate Tribunal (ITAT) and sought the intervention of the Attorney General for India to ensure that the posts are filled expeditiously.The petition filed by Parveen Kumar Bansal, sought directions for immediate initiation and completion of the recruitment process for vacant posts including Deputy Registrar and Assistant Registrar, besides convening long-pending...
Successful Resolution Applicant Cannot Renegotiate After CoC Approves Resolution Plan: Supreme Court
The Supreme Court on Wednesday held that a Successful Resolution Applicant cannot seek to renegotiate or stall implementation of a resolution plan after it has been approved by the Committee of Creditors (CoC). A Bench of Justices K. V. Viswanathan and Vipul M. Pancholi passed the ruling while dismissing appeals filed by Sanjay Dave, former promoter-director and Successful Resolution Applicant (SRA) of Oracle Home Textiles Ltd. The Court held that once the CoC approves a resolution plan...
Supreme Court Refers To Larger Bench Whether IBC Moratorium Applies To Entire Cheque Bounce Proceedings Or Only Compensatory Aspect
The Supreme Court on Wednesday referred to a larger bench the question of whether insolvency moratorium protections under the Insolvency and Bankruptcy Code apply to cheque dishonor prosecutions, while expressing the view that the criminal component of such proceedings should not be halted during personal insolvency and bankruptcy proceedings. A bench of Justices J.B. Pardiwala and K.V. Viswanathan observed that the issue requires an “authoritative pronouncement” by a three-judge bench after...