Supreme Court Issues Notice In Plea Against NCLAT Order Treating Deregistered NBFC As Financial Service Provider

The Supreme Court on Thursday issued notice on a challenge to a National Company Law Appellate Tribunal (NCLAT) ruling that refused to allow an NBFC to initiate insolvency proceedings against itself. The tribunal held that the company remained a financial service provider despite cancellation of its Reserve Bank of India (RBI) registration under the Insolvency and Bankruptcy Code (IBC).The NCLAT, in its April 9, 2026, order, upheld the National Company Law Tribunal (NCLT), Hyderabad Bench's...

Patanjali Foods Withdraws Plea Against Telangana HC Order Upholding Cancellation Of Suryapet Oil Palm Factory Zone

The Supreme Court on Thursday allowed Patanjali Foods to withdraw its Special Leave Petition challenging the Telangana High Court Division Bench judgment upholding the Telangana Government's cancellation of its Suryapet oil palm factory zone.The Supreme Court was hearing Patanjali Foods' challenge to the Telangana High Court Division Bench judgment, which had dismissed the company's writ appeal against the single judge's order and upheld the cancellation of Patanjali's Suryapet oil palm factory...

Supreme Court Upholds Bombay HC Order Referring Kirloskar Family Dispute To Arbitration

The Supreme Court has upheld the Bombay High Court's decision to refer to arbitration a dispute between Kirloskar Brothers Limited and members of the Kirloskar family arising from a Deed of Family Settlement dated September 11, 2009 (DFS). The DFS sought to formalise the separation of businesses and group companies among different branches of the family with Clause 20 containing an arbitration agreement.A bench comprising Chief Justice Surya Kant and Justices Joymalya Bagchi and V....

LiveLawBiz: Corporate Legal News Daily Round-Up: September 09, 2026

IBC IBC Section 96 Moratorium Is Debtor-Centric, Not Debt-Specific: NCLT GuwahatiLiquidator Cannot Admit Unadjudicated PF Dues Based On Departmental Estimates: NCLT AhmedabadNCLT Bengaluru Approves Promoters' ₹18.34 Crore Resolution Plan For Sanjeevini Medlife HospitalsSupreme Court Refuses To Interfere With NCLAT Ruling That IRP Remuneration Is Open To Judicial ScrutinyIPR'Tragic Picture Of IP Rights Ecosystem': Bombay High Court Rules Scientist, Not IIT Bombay, Owns Invention After 13-Year...

Reconstituted Partnership Cannot Use Dissolved Firm's Assets Without Settling Outgoing Partner: Supreme Court

The Supreme Court on Wednesday held that a reconstituted partnership has no right to use the assets of a dissolved firm unless the partners of the dissolved firm first agree to settle the accounts and pay the outgoing partner his share in the value of those assets.“With the dissolution of the partnership firm, all its assets have to be necessarily liquidated unless any one or more partners of the dissolved firm come forward to pay the market value of the share of the remaining partners/all...

Mere Release Of Escrow Account Does Not Bar Fraud Probe Under SEBI's PFUTP Regulations: Supreme Court

The Supreme Court on Wednesday held that mere release of an escrow amount under the Buyback Regulations does not create an automatic statutory bar against proceedings under the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (PFUTP Regulations). It held that the escrow-release inquiry is confined to determining whether the amount is liable to forfeiture and does not, by itself, answer the separate...

Supreme Court Remands Fraud Allegations In Vedanta's Cairn India ₹5,725 Crore Buyback To SAT

The Supreme Court on Wednesday remanded allegations of fraud relating to Vedanta's Cairn India's proposed ₹5,725 crore share buyback to the Securities Appellate Tribunal (SAT) for fresh adjudication. It held that unresolved discrepancies in the trading data relied upon by SEBI went to the root of the fraud finding.A Bench of Justices J.B. Pardiwala and K.V. Viswanathan clarified that the release of an escrow amount maintained for the buyback does not bar a separate inquiry into alleged fraud...

'For Public Welfare': CCI Closes Case Against Keralam's Priyadarshini Scheme Offering Free KSRTC Travel To Women

The Competition Commission of India on Tuesday closed proceedings against the State of Kerala and Kerala State Road Transport Corporation (KSRTC) over allegations that the Priyadarshini Scheme, a key promise of the newly elected Congress-led United Democratic Front Government, gave KSRTC an unfair competitive advantage over private stage carriage operators.The Scheme provides free travel to women and transgender persons on KSRTC buses. The Commission held that the State-funded welfare measure...

'Tragic Picture Of IP Rights Ecosystem': Bombay High Court Rules Scientist, Not IIT Bombay, Owns Invention After 13-Year Battle

Observing that prolonged proceedings over a patent application had cost a scientist 13 years out of the 20-year statutory patent protection period, the Bombay High Court has recognised him as the sole owner of the invention and directed that his patent application be considered on merits. Justice Somasekhar Sundaresan was dealing with a petition filed by Dr. Tarkeshwar Chandrakant Patil, an original inventor named in the patent application filed by IIT Bombay for an invention titled “An...

Supreme Court Refuses To Interfere With NCLAT Ruling That IRP Remuneration Is Open To Judicial Scrutiny

The Supreme Court on Wednesday refused to interfere with a National Company Law Appellate Tribunal (NCLAT) order holding that a Committee of Creditors' decision on an Interim Resolution Professional's remuneration is subject to judicial scrutiny. However, after examining the decision on merits, the NCLAT upheld the CoC's decision to fix the IRP's total remuneration at ₹3 lakh.A Division Bench of Justices P.S. Narasimha and Alok Aradhe after hearing the parties, refused to interfere with the...

Supreme Court Refuses To Interfere With NCLAT Order In 35-Year-Old Peerless Shareholder Dispute

The Supreme Court has refused to interfere with the National Company Law Appellate Tribunal's order setting aside the National Company Law Tribunal, Kolkata's decision. The NCLT had cancelled the allotment of 30,000 equity shares by Peerless General Finance & Investment Co Ltd (PGFI) to three companies allegedly connected with the Roy-Sen group, as well as the subsequent transfer of 15,626 shares.A Division Bench of Justices P.S. Narasimha and Alok Aradhe refused to interfere with the...

LiveLawBiz: Corporate Legal News Daily Round-Up: September 08, 2026

IBCNCLAT Closes Insolvency Process Despite Failure Of Statutory Withdrawal MechanismNCLT Ahmedabad Directs Gensol RP To Hand Over 10 EVs To Mahindra Finance During CIRPIPRBombay High Court Directs Trader To Deposit ₹1.32 Crore For Breaching NOVA Trademark InjunctionCopyright Registration Not Mandatory To Initiate Criminal Proceedings For Infringement: Rajasthan High CourtAsian Paints Trademark Suit: Bombay High Court Orders Forcible Possession Of Entire Paint Factory In GhaziabadMadras High...