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Winding Up Petitions Transferred From High Court To NCLT Cannot Be Admitted Mechanically: NCLAT
The National Company Law Appellate Tribunal (NCLAT) at Delhi has recently held that a winding up petition transferred from a High Court to the National Company Law Tribunal under the Insolvency and Bankruptcy Code cannot be admitted mechanically. Even if the High Court had already admitted the winding up petition, the NCLT must independently examine whether the requirements for admission under Section 9 of the Code are satisfied. A bench of Chairperson Justice Ashok Bhushan and Technical...
Indirect Tax Weekly Round-Up: February 23 - March 01, 2026
SUPREME COURTCBIC's 2024 Policy Barring Govt Appeals Below ₹2 Crore Covers Pending Cases, Not Merely Future Filings: Supreme CourtCase Title : COMMISSIONER OF COMMERCIAL TAX . & ORS. VS VIKARAM CEMENT Case Number : Civil Appeal No(s). 710/2012 CITATION : 2026 LLBiz SC 82Holding that the Centre's 2024 litigation policy applies even to pending appeals, the Supreme Court on February 5, 2026 dismissed appeals filed by the Commissioner of Commercial Tax against Vikaram Cement, ruling that the...
Direct Tax Weekly Round-Up: February 23 - March 01, 2026
SUPREME COURTSupreme Court Dismisses Revenue SLP Against Bombay HC Ruling On Tax Assessments Of Merged Reliance EntitiesCase Title : DEPUTY COMMISSIONER OF INCOME TAX 3 VS M/S RELIANCE INDUSTRIES LTD Case Number : Special Leave to Appeal (C) No(s). 7819/2026 CITATION : 2026 LLBiz SC 92The Supreme Court recently declined to entertain the Income Tax Department's Special Leave Petition against a Bombay High Court judgment that had quashed assessment orders passed in the names of Reliance...
Supreme Court Directs SEBI Recovery Officers To Decide 106 PACL Property Attachment Objections
The Supreme Court has recently directed that 106 applications challenging the attachment of properties linked to PACL Ltd. be examined by Recovery Officers under Section 28A of the SEBI Act. A bench of Justice Pamidighantam Sri Narasimha and Justice Atul S. Chandurkar was dealing with a batch of interlocutory applications filed by individuals and companies against the recommendations of Justice Retd. R.S. Virk, who had recommended dismissal of their objections. Justice Virk had been...
Supreme Court Dismisses SpiceJet Challenge To ₹144.51 Crore Deposit Order In Dispute With Kalanithi Maran
Calling it “an abuse of the process,” the Supreme Court on Friday refused to interfere with a Delhi High Court order directing SpiceJet Limited and its Chairman Ajay Singh to deposit Rs 144,51,69,887 in their long-running arbitration dispute with former promoter Kalanithi Maran and Kal Airways Pvt. Ltd. Dismissing the Special Leave Petitions with costs of Rs 1 lakh, the bench of Justice Pamidighantam Sri Narasimha and Justice Alok Aradhe observed, “We are not inclined to interfere with the...
LiveLawBiz IPR Weekly Digest: February 22 - February 28, 2026
SUPREME COURTSupreme Court Stays Madras HC Order Reviving Sreedevi Video-Saregama Dispute Over Tamil Telugu Film MusicCase Title: Saregama India Ltd. v. Sreedevi Video Corporation & Ors. Case Number: SLP (C). 6950/2026The Supreme Court on Thursday stayed a Madras High Court order that had revived an injunction claim in a copyright dispute between SaReGaMa India Ltd and Sreedevi Video Corporation over the audio rights of iconic Tamil and Telegu films such as Sagara Sangamam, Salangai Oli and...
LiveLawBiz: Corporate Legal News Daily Round-Up: February 28, 2026
IBC NCLAT Upholds Insolvency Against Frost International, Says Bank Can't Be Faulted Over Unfiled PlanPre-Existing Dispute In Ledgers: NCLAT Dismisses Drive India's Insolvency Appeal Against EsslineNCLT Mumbai Admits CIRP Plea Against Baggit India Pvt Ltd Over ₹1.11 Crore Operational DebtIPR Bombay High Court Confirms Ad-Interim Relief For Jawed Habib In Trademark Dispute With Ex-FranchiseeDelhi High Court Orders Removal Of 'Accko' Trademark, Finds It Deceptively Similar to 'ACKO' BrandDelhi...
LiveLawBiz IBC Weekly Digest: February 22 To February 28
SUPREME COURTByju's CoC Moves Supreme Court After NCLAT Refuses Impleadment In GLAS Trust Removal PleaToday, the Committee of Creditors (CoC) of Byju's parent company Think & Learn Pvt Ltd, moved the Supreme Court challenging an order passed by the Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) on 24 February 2026. On 24 February, the NCLAT had held that although the CoC may litigate in its own name under the IBC, it was not a necessary party to the plea seeking...
NCLT Mumbai Admits CIRP Plea Against Baggit India Pvt Ltd Over ₹1.11 Crore Operational Debt
The National Company Law Tribunal (NCLT) at Mumbai had admitted an operational creditor's insolvency petition against Baggit India Private Limited, an Indian handbags and fashion accessories company over a debt of Rs 1,11,84,020.A coram of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar held that the application filed by Sunrise Global Tradelinks was complete in all respects and that default stood established. “In our view the present Application is complete in all respect. The...
LiveLawBiz IPR Weekly Digest: February 22 - February 28, 2026
SUPREME COURTSupreme Court Stays Madras HC Order Reviving Sreedevi Video-Saregama Dispute Over Tamil Telugu Film MusicCase Title: Saregama India Ltd. v. Sreedevi Video Corporation & Ors. Case Number: SLP (C). 6950/2026The Supreme Court on Thursday stayed a Madras High Court order that had revived an injunction claim in a copyright dispute between SaReGaMa India Ltd and Sreedevi Video Corporation over the audio rights of iconic Tamil and Telegu films such as Sagara Sangamam, Salangai Oli and...
LiveLawBiz: Corporate Legal News Daily Round-Up: February 27, 2026
IBC Byju's Insolvency: Supreme Court Continues NCLAT's No Final Order Direction In Plea To Remove GLAS Trust From CoCCourts Must Remain Vigilant Against Expanding 'Narrow Boundaries' Of IBC Review: Supreme CourtNCLAT Replaces NCLT's Two-Week Deadline With 90 Days For Nobal Buildtech To Pay ₹90 Crore SettlementUnconverted OCDs Remain Financial Debt, NCLAT Upholds Insolvency Proceedings Against Arcturus DevelopersInsolvency Action Against Guarantor Inequitable When Arbitration Against Borrower Is...
Arbitrators Cannot Grant Pre-Award Or Pendente Lite Interest As Compensation If Contract Bars It: Supreme Court
The Supreme Court on Friday held that an arbitral tribunal cannot award pre-award or pendente lite interest when the contract expressly bars payment of interest, even if such amounts are granted in the guise of compensation. A Bench of Justice Sanjay Karol and Justice Vipul M. Pancholi ruled that “The provisions of the Act of 1996, including provisions contained in Section 31(7)(a) give paramount importance to the contract entered into between the parties and categorically restrict the power...