Can NCLT Exercise Jurisdiction Over Personal Guarantors Of Foreign Corporate Debtors? NCLT Chennai Explains

The National Company Law Tribunal (NCLT) at Chennai has held that it cannot exercise extra-territorial jurisdiction over a personal guarantor where the underlying corporate debtors are foreign entities with no registered office in India.“This Code being domestic legislation of limited territorial reach, confers no extra territorial jurisdiction upon the Adjudicating Authority to adjudicate obligations arising from entities situated beyond the sovereign and statutory framework of India. The...

LiveLawBiz: Corporate Legal News Daily Round-Up: September 25, 2026

IBCSupreme Court Directs Impleadment Of CoC In Plea To Remove GLAS Trust From Byju's CoCPersonal Guarantor Cannot Avoid Liability By Claiming No Personal Benefit From Loan: NCLT IndoreNCLT Ahmedabad Appoints Forensic Auditor To Verify ₹1.34 Crore Deposit In Gensol-Mufin DisputeNCLT Indore Admits Insolvency Plea Against Auri Grow India Over Default of ₹78.04 Cr. Principal DebtNCLT Kochi Dismisses Insolvency Plea Against Indiavision, Finds Financial Debt Not EstablishedIPRDelhi High Court Finds...

Supreme Court Refers Kinetic Green-Saera Exclusivity Dispute Over Vehicle Manufacturing To Arbitration

The Supreme Court on Thursday referred to arbitration as a dispute between Kinetic Green Energy and Power Solutions Limited and Saera Electric Auto Limited over contractual exclusivity and non-compete obligations.A Division Bench comprising Justice Aravind Kumar and Justice Vipul M. Pancholi appointed former Supreme Court judge Justice R.V. Raveendran as the sole arbitrator.“Having heard the learned counsels appearing for the parties, we are of the opinion that the constitution of an Arbitral...

Supreme Court Directs Impleadment Of CoC In Plea To Remove GLAS Trust From Byju's CoC

The Supreme Court has recently directed the Committee of Creditors (CoC) of Think & Learn Pvt Ltd. to be impleaded in proceedings concerning a plea by suspended director Riju Ravindran seeking removal of GLAS Trust Company LLC from the CoC.A division bench of Justices J.B. Pardiwala and K. Vinod Chandran taking into account the consent of the parties, directed that IA No. 466 of 2025, which was reserved for orders on Riju Ravindran's plea concerning the removal of GLAS Trust from the...

Centre Can Authorise Officers Other Than SFIO Director To File Companies Act Fraud Complaints: Supreme Court

The Supreme Court has recently clarified that the Centre can authorise any Central Government officer, in addition to the Director of the Serious Fraud Investigation Office (SFIO), to institute a complaint under the second proviso to Section 212(6) of the Companies Act. The clarification came while dismissing the Centre's review petition against the Court's January 9 judgment. In that judgment, the Court held that an offence under Section 448 of the Companies Act is an offence “covered under...

Must Assets Seized Under The Income Tax Act Be Automatically Released After 120 Days? Gujarat HC Refers Issue To Larger Bench

The Gujarat High Court has referred to a Larger Bench the question of whether seized assets must be mandatorily released upon completion of 120 days under Section 132B of the Income Tax Act, where an application for release is filed within 30 days.A Division Bench of Justice A.S. Supehia and Justice Vaibhavi D. Nanavati referred three questions concerning the interpretation of the First and Second Provisos to Section 132B(1)(i).The questions are:“(1) Whether the release of seized assets is...

Supreme Court Allows Forensic Audit Into Alleged Dissipation Of Fortis Shares In Daiichi Sankyo Arbitration Case

The Supreme Court on Friday refused to interfere with the Delhi High Court's order directing a comprehensive forensic audit into the alleged dissipation of Fortis Healthcare Ltd (FHL) shares and other assets.The audit concerns former promoters Malvinder Mohan Singh and Shivinder Mohan Singh, their downstream entities, Fortis officials, and 17 banks and financial institutions.The proceedings arise from Daiichi Sankyo's efforts to enforce its ₹2,562 crore arbitral award against the Singh...

Supreme Court Refuses To Interfere With Denial Of Anticipatory Bail To PACL Promoter's Daughter In ₹48,000 Crore PMLA Case

The Supreme Court on Friday refused to interfere with the Delhi High Court's order denying anticipatory bail to Barinder Kaur, daughter of late PACL promoter Nirmal Singh Bhangoo, in the ₹48,000 crore PMLA case arising from the alleged Pearls Agrotech Corporation Limited investment fraud and money laundering case.The case arises from allegations that PACL and Pearl Golden Forest Ltd. collected more than ₹48,000 crore from investors through purported land schemes.A Division Bench of Justices M.M....

Supreme Court Extends Dabur's Deadline To Exhaust 9,020 'Cool King Thanda Tel' Cartons Till November

The Supreme Court on Friday extended by two months the deadline for Dabur India Limited to exhaust 9,020 cartons of “Cool King Thanda Tel”, in its trademark and trade-dress dispute with Emami Limited. The deadline, originally fixed by the Delhi High Court as September 30, 2026, will now operate until November 2026, subject to the existing conditions imposed on Dabur.A bench of Justices P.S. Narasimha and Alok Aradhe extended the permission while refusing to interfere with the Delhi High Court...

Supreme Court Declines To Interfere With HC Order Refusing ITC Interim Relief In 'DAKSHIN' Mark Dispute

The Supreme Court on Friday refused to interfere with the Delhi High Court's order dismissing ITC Limited's appeal seeking to restrain Adyar Gate Hotels Limited from using the “DAKSHIN” trademark for its standalone Chennai restaurant.A bench of Justices B.V. Nagarathna and R. Mahadevan dismissed ITC's Special Leave Petition, finding no reason to interfere with the Delhi High Court's order.“As the suit is at large and the impugned order is only an interim order, we do not find any reason to...

LiveLawBiz: Corporate Legal News Daily Round-Up: September 24, 2026

IBCIBBI Says Interim Moratorium For Personal Guarantors Ceased From May 26, 2026 Even In Pending CasesFraudulent Intent Not Required To Establish Preferential Transaction Under IBC: NCLT DelhiNCLT Mumbai Dismisses Insolvency Plea Against Shapoorji PallonjiNCLT Guwahati Refuses To Direct PNB To Accept ₹22.50 Cr. OTS Proposal, Says Tribunal Can't Compel BankAnother Creditor Moves NCLT Delhi Against Bira Beer Maker Over ₹7.24 Crore DefaultSecured Creditors Cannot Avoid Liquidation Costs Over...

Appeal Against Rejection Of Interim Relief Cannot Be Remitted To Arbitral Tribunal: Supreme Court

The Supreme Court has held that a High Court cannot transfer an appeal against rejection of an interim-relief application under the Arbitration and Conciliation Act to an arbitral tribunal and direct the tribunal to treat it as an application for interim measures.A bench of Justice Aravind Kumar and Justice Prasanna B. Varale set aside a Bombay High Court direction to that extent in a dispute between the Union of India and Hariom Projects Pvt. Ltd."The appellate jurisdiction under Section 37 is...