IBC | Limitation For Appeals Against NCLAT Orders Runs From Pronouncement, Not Certified Copy Receipt: Supreme Court

The Supreme Court on Wednesday held that the limitation period for filing an appeal against an order of the National Company Law Appellate Tribunal (NCLAT) begins from the date of pronouncement of the order and cannot be postponed until a litigant chooses to apply for and collect a certified copy.The Court cautioned that Parliament's provision for excluding the time required to obtain a certified copy would be redundant if limitation did not begin upon pronouncement of the order.“The phrase...

Can Companies In Liquidation Seek Exemption From GST Pre-Deposit To File Appeals? Delhi High Court To Examine

The Delhi High Court will examine whether companies undergoing liquidation can seek exemption from the mandatory pre-deposit requirement under Section 107(6) of the Central Goods and Services Tax (CGST) Act. The issue is whether the requirement can be relaxed in view of the statutory distribution mechanism under the Insolvency and Bankruptcy Code (IBC).A Division Bench of Justices Anil Kshetarpal and Bharat Parashar requested Additional Solicitor General of India Raghavendra Shankar to assist...

Vijay Mallya's UBL Share Pledge For $135 Million Loan Takes Priority Over Consortium Banks' ₹6,203 Crore Claim: Karnataka HC

The Karnataka High Court on Wednesday held that a share pledge created in July 2013 over United Breweries Ltd (UBL) shares held by fugitive businessman Vijay Mallya and his son, Sidhartha Mallya, takes priority over the claims of a consortium of banks, which relied on a personal guarantee and an unsecured covenant restricting the creation of encumbrances.A Division Bench of Justices D K Singh and T M Nadaf passed the ruling in petitions filed by Diageo Holdings Netherlands B.V., a...

Arbitration Clause Cannot Alone Determine Seat When Multiple Places Are Specified: Supreme Court

The Supreme Court has held that when an arbitration clause specifies two places, namely Delhi and Goa, the juridical seat of arbitration must be determined by reading the agreement as a whole, including the governing law and jurisdiction clause. The Court rejected the argument that the arbitration clause alone should determine the seat because it is independent of the main contract.A division bench of Justices Manoj Misra and Vijay Bishnoi set aside the Delhi High Court's November 11, 2025 order...

NMC Founder BR Shetty Sues Bank Of Baroda For $15 Billion Over Alleged Fraud

Dr Bavaguthu Raghuram (B R) Shetty, founder of the NMC healthcare group and UAE Exchange, has filed a $15 billion (approximately ₹1.43 lakh crore) suit against Bank of Baroda and 25 others before the Bombay High Court, alleging that the bank facilitated a fraud that led to the collapse of his business empire.Shetty has sought $5 billion each in direct and consequential damages, including loss of business opportunities, jointly and severally from all defendants. He has claimed a further $5...

Income Tax | Taxpayers Cannot Raise Fresh Claims Based On New Facts In Revision Proceedings: Supreme Court

The Supreme Court has recently reiterated that taxpayers cannot use revision proceedings to introduce fresh claims based on facts that were never placed before the Assessing Officer, bypassing the deadline for filing a revised income tax return.A bench of Justices Prashant Kumar Mishra and Shree Chandrashekhar held that the revisional authority can entertain a new question of law, but cannot consider a claim that goes beyond the facts available to the Assessing Officer.“In our considered view,...

Supreme Court Grants Bail To Concast Steel MD Sanjay Surekha In ₹6,210 Cr PMLA Case

The Supreme Court on Wednesday granted bail to Sanjay Kumar Surekha, Chairman and Managing Director of Concast Steel and Power Ltd. (CSPL), in a money laundering case involving alleged proceeds of crime worth ₹6,210.72 crore.The Supreme Court on August 12 reserved its judgment on Sanjay Surekha's challenge to the Calcutta High Court's November 14, 2025 order rejecting his bail plea in a money laundering case involving alleged proceeds of crime worth ₹6,210.72 crore. A Bench of Justices...

LiveLawBiz: Corporate Legal News Daily Round-Up: October 13, 2026

IBCSecured Creditors Cannot Keep Asset Realisation Deadline Open-Ended During Liquidation Citing Recovery Proceedings: NCLT HyderabadCoC Approval Cannot Cure Resolution Plan's Failure To Meet Mandatory IBC Requirements: NCLATBankrupt's Jewellery Handover To Son Not Preferential Merely Because It Occurred Within Look-Back Period: NCLT JaipurNCLT Delhi Admits Yes Bank Plea Against Johnson Watch Guarantor, Says SARFAESI Notice Invokes GuaranteeNCLT Dismisses APL Apollo Tubes' Insolvency Plea...

Madras High Court Restrains Online Piracy Of Rajinikanth's 'Jailer 2' Ahead Of Release

The Madras High Court on Tuesday restrained unauthorised copying and streaming of Rajinikanth-starrer Jailer 2, scheduled for release on October 15, in an interim injunction granted to producer Sun TV Network Limited. Justice P.B. Balaji, by an order dated October 13, also directed internet service providers and other concerned service providers to block access to identified piracy websites and additional mirror, redirect and alphanumeric URL variants notified by Sun TV or its authorised...

LiveLawBiz Indirect Tax Weekly Round-Up: October 05 - October 11, 2026

SUPREME COURTTax Classification Depends On Form Of Goods At Sale, Not End Use: Supreme CourtCase Title : Additional Commissioner, Commercial Tax & Ors. v. Cadila Health Care Ltd. & Anr. Case Number : Civil Appeal Nos. 9788–9789 of 2013 CITATION : 2026 LLBiz SC 327The Supreme Court has held that a product must be classified for tax purposes in the form in which it is sold, rather than on the basis of what a consumer may later turn it into. “The tax authorities are bound to look at what...

LiveLawBiz Direct Tax Weekly Round-Up: October 05 - October 11, 2026

SUPREME COURTSupreme Court Refuses To Interfere With Delhi HC Order Reading Down CBDT Circular On AIF TaxationCase Title : THE CENTRAL BOARD OF DIRECT TAXES VS. EQUITY INTELLIGENCE AIF TRUST Case Number : DIARY NO. - 2801/2026The Supreme Court on Wednesday refused to interfere with the Delhi High Court judgment reading down CBDT Circular No.13/2014 concerning taxation of Category-III Alternative Investment Funds (AIFs) at the Maximum Marginal Rate (MMR). Allowing Equity Intelligence's writ...

Andhra Pradesh High Court Strikes Down Section 147A Of Income Tax Act As Unconstitutional

The Andhra Pradesh High Court on Monday struck down Section 147A of the Income Tax Act, 1961, as unconstitutional. Introduced retrospectively through the Finance Act, 2026, the provision clarifies that Jurisdictional Assessing Officers (JAOs), rather than the National Faceless Assessment Centre or an assessment unit, can act as the Assessing Officer for issuing reassessment notices under Sections 148 and 148A.A division bench of Justice Ninala Jayasurya and Justice T.C.D. Sekhar held that the...