Supreme Court Stays Bombay HC Ruling Holding JSW Steel Not Liable For Sunken Barge Removal Costs

The Supreme Court on Friday stayed a Bombay High Court judgment that had held JSW Steel Ltd was not liable for the costs incurred in removing the wreck of the barge M.V. Satyam from Mumbai harbor. The High Court, in its April 10, 2026 judgment, had directed Mumbai Port Trust (MPT) to refund ₹4.09 crore, comprising the ₹70 lakh deposited by JSW Steel and the accrued interest, within six weeks. A bench of Justices S.V.N. Bhatti and Atul S. Chandurkar issued notice in the matter, while recording...

LiveLawBiz: Corporate Legal News Daily Round-Up: June 19, 2026

IBC NCLT Ahmedabad Admits CIRP Against JSW Subsidiary, Holds Guarantor Liability Co-extensive With BorrowerDirections To NCLT For Urgent Listing Of Plea Cannot Be Issued In Writ Jurisdiction: Delhi High CourtBare Production Of Guarantee Deed Without Commercial Nexus Cannot Establish Debt: NCLT MumbaiNCLT Mumbai Admits Paytm Parent's Insolvency Plea Against Gaming Company Fabzen Over ₹3.41 Crore DuesSettlement In Corporate Debtor's Liquidation Does Not Extinguish Personal Guarantee Obligations:...

Service Tax Cannot Be Levied By Treating Maintenance Of Minimum Balance As Consideration For Banking Services: Karnataka HC

The Karnataka High court has held that maintenance of a Minimum Average Balance (MAB) in a bank account is merely a contractual condition and cannot be treated as "consideration" for banking services so as to attract service tax. A bench of Justice S.R. Krishna Kumar quashed show-cause notices issued to Canara Bank, Bank of Baroda (formerly Vijaya Bank), Karnataka Bank and another bank over the proposed levy of service tax on facilities extended to customers maintaining minimum balances in...

Directions To NCLT For Urgent Listing Of Plea Cannot Be Issued In Writ Jurisdiction: Delhi High Court

The Delhi High Court has recently refused to issue directions to the National Company Law Tribunal (NCLT) for urgent listing of a homebuyer's transfer plea in an ongoing insolvency proceeding. The court observed that such directions cannot be issued in exercise of its writ jurisdiction. A vacation bench of Justice Tejas Karia dismissed a petition filed by homebuyer Anuj Goyal and imposed costs of ₹25,000, payable to the Delhi High Court Bar Clerks' Association within two weeks. “Such...

Lending Public Money Without Efforts To Recover It Is 'Not Acceptable'; SC Issues Notice On Plea Seeking Probe Into JKM Infra

Calling it a "deep-rooted nexus" between banks, Asset Reconstruction Companies (ARCs), and borrowers, the Supreme Court on Friday said it was "not acceptable" for public money to be lent and then not effectively recovered. The remarks came as the Court issued notice on a PIL seeking a court-monitored probe into the settlement of JKM Infra Projects Ltd's ₹1,537 crore debt for ₹73.50 crore through the ARC route. A vacation bench of Chief Justice Surya Kant and Justice V. Mohana heard the matter...

LiveLawBiz: Corporate Legal News Daily Round-Up: June 18, 2026

IBC Collusion Allegations Alone Cannot Establish Fraudulent Insolvency Proceedings: NCLT ChandigarhNCLT Chandigarh Allows Liquidator To Initiate Execution Proceedings For Enhanced Land Acquisition CompensationNCLT Delhi Holds Homebuyers' Payments Are Financial Debt, Admits ₹137 Cr Plea In Raheja's Revanta ProjectNCLT Mumbai Admits Central Bank Of India's ₹44.68 Crore Insolvency Plea Against Deepak EducationTribunal Cannot Expand Asset Base After Approval of Resolution Plan Under Section 31: NCLT...

Kerala Court Refuses To Refer Nivin Pauly's Firm-Magic Frames Dispute Over Two Films To Arbitration

A Munsiff Court at Ernakulam has refused to refer to arbitration a dispute over accounts relating to the films “Ramachandra Boss & Co” and “Malayali From India” between actor Nivin Pauly's production house, Pauly Junior Pictures LLP, and film production company Magic Frames. The court held that the arbitration clause relied on by Magic Frames was not mandatory and did not cover all the disputes raised in the suit. Additional Munsiff Nanda Krishna M passed the order while dismissing an...

Dedicated Ethanol Plants Cannot Be Disadvantaged After Investing Under Procurement Framework: Karnataka High Court

Dedicated ethanol plants that were set up to exclusively supply Oil Marketing Companies and invested substantial sums on the basis of long-term assurances cannot be denied the benefit of that framework without scrutiny, the Karnataka High Court has held. Justice M. Nagaprasanna delivered the ruling while allowing a petition filed by VINP Distilleries and Sugars Pvt. Ltd. against Indian Oil Corporation Ltd., Bharat Petroleum Corporation Ltd. and Hindustan Petroleum Corporation Ltd. The dispute...

Filmmaker Gautham Menon Moves Supreme Court Against ₹4.25 Crore Refund Order In Dispute Over Unmade Film

Photon Factory, represented by filmmaker Gautham Vasudev Menon, has moved the Supreme Court against a Madras High Court judgment directing it to refund ₹4.25 crore with 12% interest to R.S. Infotainment. The dispute concerns an untitled film project that the filmmakers claimed was later completed and released as 'Nee Thane En Pon Vasantham'. The special leave petition, filed on June 8, is yet to be listed The challenge is directed against a March 23, 2026 judgment of a division bench of...

Madras High Court Upholds Release Of Vikram-Starrer Dhruva Natchathiram, Dismisses Financiers' Appeals

The Madras High Court has recently upheld an order permitting the release of filmmaker Gautham Vasudev Menon's long-delayed Tamil spy thriller 'Dhruva Natchathiram'. The court held that a judicially supervised mechanism governing the film's revenues strikes a workable balance between enabling its release and protecting competing claims over its proceeds. A Division Bench of Justices P. Velmurugan and K. Govindarajan Thilakavadi dismissed appeals filed by film financiers K. Prem Kumar and K....

Supreme Court Issues Notice On Plea Against NCLAT Relief To Former Deccan Chronicle Promoter

The Supreme Court on Thursday issued notice in a plea filed by L&T Finance Ltd challenging an NCLAT order that set aside bankruptcy proceedings against former Deccan Chronicle Holdings Limited promoter and personal guarantor T. Venkatram Reddy.The bankruptcy proceedings had been set aside by NCLAT on April 2, 2026, after the appellate tribunal on the same date quashed the underlying personal insolvency proceedings initiated against Reddy under Section 95 of the Insolvency and Bankruptcy...

Supreme Court Issues Notice In SEBI Appeal Against SAT Relief To Sahara Officials In ₹14,106 Crore OFCD Case

The Supreme Court on Thursday issued notice in an appeal filed by SEBI challenging a Securities Appellate Tribunal (SAT) order granting relief to certain officials of Sahara India Commercial Corporation Ltd. (SICCL) including its managers and company secretary, from liability arising out of the company's ₹14,106 crore OFCD fund-raising scheme.A vacation bench of Chief Justice Surya Kant and Justice V. Mohana while issuing notice tagged the case with a similar pending matter, which will be heard...