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

SECURITIES LAW SEBI Moves SC Against SAT Relief To Sahara Managers In ₹14,106 Crore OFCD CaseSAT Quashes 2010 SEBI Penalty Order Citing 13-Year Delay In Serving Adjudication OrderIBC NCLT Ahmedabad Rejects CIRP Plea Against Sisa Mosaic, Says Petition May Be Collusive And MOU Appears FictitiousNCLT Delhi Approves ₹135.39 Crore Resolution Plan For Mastana FoodsNCLT Allahabad Orders Liquidation Of Usha India Ltd, Rejects ₹22.49 Crore Resolution PlanCreditors Cannot Bypass COVID-Era Insolvency Bar...

Commercial Courts Act's 120-Day Written Statement Limit Inapplicable To Admiralty Suits: Kerala High Court

The Kerala High Court has condoned a 135-day delay in filing a written statement in an Admiralty Suit. The Court held that the mandatory 120-day deadline prescribed for commercial disputes does not govern proceedings under the Admiralty Act, 2017. The Court reached this conclusion even though disputes relating to admiralty and maritime law are categorised as commercial disputes under the Commercial Courts Act. Justice M.A. Abdul Hakhim held that Admiralty Suits are governed by the original...

SEBI Moves SC Against SAT Relief To Sahara Managers In ₹14,106 Crore OFCD Case

The Securities and Exchange Board of India (SEBI) has moved the Supreme Court challenging a Securities Appellate Tribunal (SAT) order that granted relief to four managers and the company secretary of Sahara India Commercial Corporation Ltd (SICCL). The tribunal had set aside, insofar as they were concerned, a 2018 SEBI order in the Rs 14,106 crore Optionally Fully Convertible Debentures (OFCDs) case involving nearly 1.98 crore investors. The challenge comes after the SAT on March 9, 2026,...

LiveLawBiz: Corporate Legal News Daily Round-Up: June 12, 2026

IBC NCLT Bengaluru Declares Congress MLC Naseer Ahmed Bankrupt Over ₹1,454 Crore Personal Guarantee DuesKerala High Court Dismisses Appeal Seeking CBI, ED, NIA Probe Into Byju's InsolvencyPart-Payments After Demand Notice Do Not Negate Pre-Existing Dispute In Insolvency Plea: NCLT BengaluruFresh Relief On New Facts Not Fraudulent Despite Earlier Denial Of Similar Claim: NCLT MumbaiNCLT's Scrutiny Of Applicant's Standing To Invoke Personal Insolvency Process Is Not Adjudication: Karnataka...

NCLT Bengaluru Declares Congress MLC Naseer Ahmed Bankrupt Over ₹1,454 Crore Personal Guarantee Dues

The National Company Law Tribunal (NCLT) at Bengaluru recently ordered Congress MLC Naseer Ahmed bankrupt. The Tribunal noted that he failed to submit any repayment plan during his personal insolvency resolution process. The proceedings relate to dues of ₹1,454.71 crore arising from personal guarantees furnished for credit facilities extended to Scotts Garments Limited. A bench of Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada held that the requirements for...

Kerala High Court Dismisses Appeal Seeking CBI, ED, NIA Probe Into Byju's Insolvency

The Kerala High Court on Friday dismissed an appeal against a single judge's order refusing to direct a Central Bureau of Investigation (CBI), Enforcement Directorate (ED), and National Investigation Agency (NIA) probe into alleged irregularities in the insolvency proceedings of Think and Learn Private Limited (Byju's). A division bench of Justice K Natarajan and Justice Johnson John held that the petitioners had already approached the Bengaluru police on the same allegations. The resulting...

LiveLawBiz: Corporate Legal News Daily Round-Up: June 11, 2026

PMLA SC's Justice PK Mishra Recuses From Hearing Jacqueline Fernandez's Plea In ₹200 Crore PMLA CaseIBC NCLT Mumbai Initiates Personal Guarantor Insolvency Proceedings Against Anil Ambani On SBI PleaNCLT Mumbai Admits Canara Bank's ₹282 Crore Insolvency Plea Against Reliance Infra SPV HK Toll RoadNCLT Cannot Refuse Additional Objections Solely For Want Of Express Provision In IBC: Kerala High CourtSecured Creditor Cannot Be Compelled To Issue NOC For Sale Of Secured Assets: NCLT BengaluruNCLT...

NCLT Mumbai Initiates Personal Guarantor Insolvency Proceedings Against Anil Ambani On SBI Plea

Industrialist Anil Ambani has been admitted to personal insolvency proceedings by the Mumbai Bench of the National Company Law Tribunal on an application filed by State Bank of India over guarantees furnished for loans extended to Reliance Communications Ltd (RCOM) and Reliance Infratel Ltd (RITL), involving a default of ₹853.25 crore. A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar admitted SBI's application after accepting the Resolution Professional's...

Kerala High Court Declines To Stay Lakshya IPO, Cites Alternate Remedy Before SAT

The Kerala High Court on Thursday declined to stay the proposed Initial Public Offering (IPO) of Learnfluence Education Limited, the company operating the Lakshya Indian Institute of Commerce coaching platform. The Court held that the former promoter challenging the issue has an alternative statutory remedy before the Securities Appellate Tribunal (SAT). Justice Harishankar V. Menon passed the order on a writ petition filed by Adheesh Damodaran, a co-founder of Lakshya CA Campus and...

SC's Justice PK Mishra Recuses From Hearing Jacqueline Fernandez's Plea In ₹200 Crore PMLA Case

The Supreme Court on Thursday directed that actor Jacqueline Fernandez's plea in the ₹200 crore money laundering case be listed before another bench after Justice Prashant Kumar Mishra disclosed that his son had appeared for the government in one of the connected matters. A bench of Justices Prashant Kumar Mishra and Atul S. Chandurkar was hearing Jacqueline's plea challenging the proceedings arising from a Special PMLA court's May 30, 2026 order framing charges against her, alleged conman...

LiveLawBiz Indirect Tax Weekly Round-Up: June 01 - June 07, 2026

SUPREME COURTGST Is Levied On Actionable Claims Arising From Stakes, Not Dependent On Whether A Game Is Of Skill Or Chance: Supreme CourtCase Title : DIRECTORATE GENERAL OF GOODS AND SERVICES TAX INTELLIGENCE (HQS) & ORS. VERSUS GAMESKRAFT TECHNOLOGIES PRIVATE LIMITED AND ORS. Case Number : CIVIL APPEAL NO(S). 8241 – 8244 OF 2026 CITATION : 2026 LLBiz SC 214The Supreme Court has recently held that GST liability on online gaming transactions does not depend on whether the underlying game...

LiveLawBiz Direct Tax Weekly Round-Up: June 01 - June 07, 2026

HIGH COURTSRajasthan HC60% Tax Rate Under Section 115BBE Cannot Apply To Pre-1 April 2017 Income: Rajasthan High CourtCase Title : Deepak Maratha v. Union of India Case Number : D.B. Civil Writ Petition No. 3625/2020 CITATION : 2026 LLBiz HC(RAJ) 26The Rajasthan High Court on 27 May held that the enhanced tax rate of 60% introduced under Section 115BBE of the Income-tax Act through the Taxation Laws (Second Amendment) Act, 2016, cannot be applied retrospectively to income pertaining to...