Supreme Court Rejects Recall Plea In Disposed SLP, Says Court Cannot Compare Rival Offers Before CoC Under IBC

The Supreme Court on Monday dismissed a miscellaneous application seeking recall of its February 25, 2025 order dismissing an SLP in a dispute over an agreement to sell a property of a corporate debtor, holding that a disposed Special Leave Petition cannot be reopened on the basis of subsequent developments in insolvency proceedings or rival financial offers before the Committee of Creditors.A bench of Justices Vikram Nath and Sandeep Mehta emphasized that the court cannot sit in appeal over the...

Supreme Court Dismisses Riddhi Siddhi Appeal Against SAT Order In SEBI Delisting, MPS Norm Violations Case

The Supreme Court recently dismissed appeals filed by Riddhi Siddhi Gluco Biols Limited against the Securities Appellate Tribunal's order upholding SEBI's findings of violation of minimum public shareholding norms, non-disclosure of promoter group entities, and fraudulent trading in the company's scrip during a proposed delisting process, holding that no substantial question of law arises for consideration.A division bench of Justice Sanjay Kumar and Justice K. Vinod Chandran refused to...

After Disputed Arbitrator Steps Down, Supreme Court Restores MSA Global–EPIL Arbitration Dispute To Delhi HC

The Supreme Court has held that the primary ground for restraining MSA Global LLC (Oman) from continuing arbitration proceedings against Engineering Projects (India) Limited ceased to exist after arbitral tribunal member Andre Yeap resigned, whose alleged non-disclosure had formed the basis of the anti-arbitration injunction.Accordingly, setting aside the Delhi High Court's decision dated December 12, 2025, the Supreme Court restored the appeal to the Division Bench for fresh...

Supreme Court Refuses To Interfere With Arbitrator Appointment In Gini & Jony–Benetton Dispute

The Supreme Court on Monday dismissed a Special Leave Petition filed by Gini & Jony Ltd. challenging the Delhi High Court's order appointing an arbitrator in its dispute with Benetton India Pvt. Ltd. arising from a distribution agreement for sale of United Colors of Benetton apparel products, involving an unpaid amount of about Rs 91 lakh.After hearing the parties, Justices J.K. Maheshwari and Atul S. Chandurkar dismissed the special leave petition and said: “After hearing the learned...

Supreme Court Allows Set-Off Defence Against Ujaas Energy Though Counterclaim Extinguished Under IBC

The Supreme Court on Friday allowed West Bengal Power Development Corporation Ltd. to raise a plea of set-off as a defence in arbitration proceedings against Ujaas Energy Ltd., even though its counterclaim stood extinguished after approval of the resolution plan under the Insolvency and Bankruptcy Code. A bench of Justices Dipankar Datta and Augustine George Masih while granting the relief observed: “Upon a cumulative consideration of all relevant factors, we hold that the...

Supreme Court Quashes Criminal Proceedings Against Filmmaker Sujoy Ghosh In 'Kahani 2' Copyright Case

The Supreme Court on Friday quashed criminal proceedings against filmmaker Sujoy Ghosh in a copyright infringement case relating to the film “Kahani 2," setting aside the summoning order issued against him by the CJM Hazaribagh and the subsequent refusal of the Jharkhand High Court to quash the case.A bench of Justices Pamidighantam Sri Narasimha and Alok Aradhe, while allowing Ghosh's petition, said:“In the result, the summoning order dated 07.06.2018 passed by the CJM and order dated...

Supreme Court Dismisses Centre's SLP Against Gujarat HC Order Granting IGST Refund Despite GST Return Error

The Supreme Court has recently dismissed a Special Leave Petition filed by the Union of India challenging a Gujarat High Court judgment that directed the grant of an IGST refund to an exporter despite errors in GST returns. A bench of Justice Pamidighantam Sri Narasimha and Justice Alok Aradhe, while hearing the matter, refused to interfere with the High Court's decision but kept open the question regarding the applicability of the proviso to Rule 96 of the CGST Rules for consideration in an...

Diversion Of Preferential Issue Funds For Undisclosed Purpose Amounts To Fraud Under PFUTP Regulations: Supreme Court

The Supreme Court on Tuesday held that diversion of funds raised through a preferential issue for purposes not disclosed in the notice of the Extraordinary General Meeting (EoGM) convened to approve the allotment amounts to a violation of securities law and constitutes fraudulent conduct under the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations (PFUTP). A bench of Justices J.B. Pardiwala and K.V. Viswanathan made the ruling while allowing appeals filed by the Securities...

Writ Petition Against GST Show Cause Notice Not Maintainable: Supreme Court

The Supreme Court on 27 February dismissed a Special Leave Petition filed by Trillion Lead Factory Pvt. Ltd., which challenged the Telangana High Court's refusal to interfere with a show cause notice proposing cancellation of its GST registration. A Division Bench comprising Justice Aravind Kumar and Justice Prasanna B. Varale held: “It is trite law that no writ lies against the issuance of a show cause notice, and such a writ petition would not be maintainable.” The case arose from a show...

Bank Cannot Remit Funds Contrary To Customer Mandate: Supreme Court Upholds Madras HC Ruling Against Canara Bank

The Supreme Court on Tuesday held that Canara Bank could not unilaterally divert funds contrary to the instructions of its customer while deciding a dispute arising from a remittance transaction involving Archean Industries Pvt Ltd, Canara Bank Overseas Branch, and Goltens Dubai. A Bench of Justices J.B. Pardiwala and R. Mahadevan was hearing cross appeals arising from a judgment of the Madras High Court dated August 16, 2021. Holding that Canara Bank could not have remitted the amount to the...

Supreme Court Allows Zoomcar To File GST Appeal After Rajasthan HC Disposed Its Writ Without Granting Liberty

The Supreme Court has recently permitted Zoomcar India Pvt. Ltd., a car-sharing platform, to file a statutory appeal against GST assessment orders arising from proceedings for the financial year 2019–20, after the Rajasthan High Court disposed of its writ petitions without granting liberty to pursue the appellate remedy. A bench comprising Justice J.B. Pardiwala and Justice K.V. Viswanathan was dealing with special leave petitions challenging the Rajasthan High Court's orders, which had...

Shareholder Ratification Cannot Wipe Out Liability For Violation Of SEBI Regulations: Supreme Court

The Supreme Court on Tuesday observed that violations of SEBI regulations cannot be nullified through shareholder ratification, observing that regulatory breaches affecting multiple stakeholders must face statutory consequences.A bench of Justices J.B. Pardiwala and K.V. Viswanathan while setting aside the order dated June 2, 2022 passed by the Securities Appellate Tribunal, which had set aside penalties imposed by SEBI on Terrascope Ventures Ltd and its directors.“SEBI's Regulations...