Supreme Court Dismisses PIL Seeking Probe Into ₹1,537 Crore JKM Infra Debt Settlement

The Supreme Court on Thursday dismissed a Public Interest Litigation seeking a court monitored probe into the settlement of JKM Infra Projects Ltd's ₹1,537 crore debt for ₹73.50 crore through the Asset Reconstruction Company (ARC) route. The petitioners had alleged a wider nexus between banks, ARCs and borrowers and sought investigation by agencies including the Central Bureau of Investigation, Enforcement Directorate and Serious Fraud Investigation Office.A bench of Chief Justice Surya...

LiveLawBiz: Corporate Legal News Daily Round-Up: September 23, 2026

IBCNCLAT Directs NCLT To Hear RP Replacement Plea Before Resolution Plan In Nimitaya Hotel CIRPNCLAT Declines To Interfere With Talent Unlimited CIRP, Grants Affle Liberty To Move NCLTFinancial Creditor Can't Seek Premature Redemption Of OCDs When Right Vests With Corporate Debtor: NCLT KolkataKerala High Court Keeps Coercive Proceedings Against KHFL RP In Company-Related Criminal Cases In AbeyanceNCLAT Delhi Says Appellant's Past Inaction Can't Influence Merit Adjudication, Restores Company...

Challenge To Arbitral Award Can Be Heard By District Court Where No Commercial Court Exists: Supreme Court

The Supreme Court has ruled that a petition challenging an arbitral award under Section 34 of the Arbitration and Conciliation Act can be filed before a Commercial Court. Where no Commercial Court has been established, it can be filed before a District Court within the territorial jurisdiction of the concerned High Court. This is unless the parties have agreed otherwise or a specific arbitral seat has been determined.A bench of Justice Sanjay Kumar and Justice Sanjeev Sachdeva made the...

The Tata Trusts–Tata Sons Power Struggle, Explained

Tata Sons board's decision to reappoint N. Chandrasekaran as Executive Chairman for another five-year term (his third term) has led to a stand-off between Tata Sons and its majority shareholder, Tata Trusts.The Trusts, the charity arm of Tata, hold around a 66% stake in Tata Sons. This has opened the door to a corporate governance dispute requiring interpretation of the company's Articles of Association, evoking memories of the bitter power struggle between Tata Sons and Cyrus Mistry.Tata...

Subhash Chandra Moves NCLAT Against Restraint On Alienating Assets In Insolvency Case

Essel Group Chairman Dr. Subhash Chandra has moved the National Company Law Appellate Tribunal (NCLAT) against a September 1 order of the Delhi Bench of the National Company Law Tribunal (NCLT) restraining him from alienating his assets in insolvency proceedings initiated against him as a personal guarantor.The appeal was taken up by a three-member NCLAT Bench comprising Officiating Chairperson Justice (retd) Yogesh Khanna and Technical Members Barun Mitra and Ajai Das Mehrotra on Wednesday.The...

Byju's Settles Rights Issue Dispute With Aakash Before NCLT Bengaluru

The National Company Law Tribunal (NCLT) at Bengaluru was on Wednesday informed that Think & Learn Private Limited, the parent company of Byju's, and Aakash Educational Services Limited have reached a settlement in their dispute over Aakash's rights issue. Senior Advocate Abhinav Vasisht, appearing for the Resolution Professional of Think & Learn, and Senior Advocate C.K. Nandakumar, representing Aakash, informed the Tribunal about the settlement. The submission was made before...

NCLT Delhi Issues Notice To CBI In Subhash Chandra's Personal Guarantor Insolvency Case

The Delhi Bench of the National Company Law Tribunal (NCLT) on Wednesday issued notice to the Central Bureau of Investigation (CBI) in proceedings concerning a repayment plan proposed for Essel Group Chairman Emeritus Dr Subhash Chandra in his capacity as a personal guarantor of his group companies. The notice was issued after Solicitor General Tushar Mehta informed the five-member bench that the CBI was investigating a matter that has a bearing on the proceedings.“ We have been...

LiveLawBiz: Corporate Legal News Daily Round-Up: September 22, 2026

IBCPersonal Guarantors Cannot Re-agitate Limited Liability After DRT Crystallises Liability For Entire Debt: NCLATNCLAT Orders ₹54 Crore Refund To JFC Finance After It Is Outbid In Moser Baer Solar AuctionLiquidation Pendency Cannot Confer Jurisdiction Over Property Outside Liquidation Estate: NCLT DelhiIPRMadras High Court Dismisses 'Dr. WASH' Infringement Suit Over 'Dr. Bright' Soap, Says Packaging DistinctDelhi High Court Sets Aside Copyright Registration For 'Radhey Radhey Barsane Wali...

NCLT Mumbai Rejects SBI's ₹1,759 Crore Insolvency Plea Against Patanjali Foods Guarantor

The National Company Law Tribunal (NCLT), Mumbai, has rejected State Bank of India's insolvency plea against Dinesh Shahra, personal guarantor for Patanjali Foods Ltd., formerly known as Ruchi Soya Industries Ltd. The tribunal held that SBI's petition over a debt of ₹1,759 crore was filed after the limitation period had expired.A coram of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar held that SBI's March 21, 2023 insolvency petition was not maintainable, as the...

LiveLawBiz IBC Weekly Digest: September 14 - September 20, 2026

SUPREME COURTNCLAT E-Filing Glitch Caused One-Day Delay: Supreme Court Sets Aside Order Dismissing IBC Appeal As Time-BarredCase Title : REGIONAL PROVIDENT FUND COMMISSIONER-II vs. MS. MAMTA BINANI & ORS.Case Number : DIARY NO.42931 OF 2026CITATION : 2026 LLBiz SC 309The Supreme court has held that a litigant cannot be made to suffer when a court or tribunal's e-filing system prevents papers from being filed despite a bona fide attempt within the prescribed limitation period. “When the...

Five Adani Group Companies Settle SEBI Proceedings Over Hindenburg-Highlighted Issues For ₹1.5 Crore

Five Adani Group companies have settled SEBI adjudication proceedings arising from an examination into issues highlighted in the Hindenburg Report by paying combined settlement amounts of ₹1.508 crore.SEBI Adjudicating Officer Jai Sebastian passed the settlement order on Tuesday (September 22)The proceedings concerned Adani Enterprises Limited, Adani Total Gas Limited, AWL Agri Business Limited, Adani Green Energy Limited, and Adani Energy Solutions Limited. AWL Agri Business was formerly known...

ATMs Are 'Computers' Under Income Tax Rules, Calcutta High Court Allows Higher Depreciation

The Calcutta High Court has held that Automated Teller Machines (ATMs) qualify as “computers” for claiming the higher depreciation rate under the Income Tax Rules, rejecting the Revenue's classification of the machines as general office equipment or machinery.“The revenue's attempt to categorise these units as general office equipment or machinery ignores the technical reality that they are specialised computing devices. Given that the technical specifications of an ATM align with the broad...