Supreme Court Rejects NSEL Plea To Extend Committee Determining Defaulters' Liability To ₹937 Crore Suit

The Supreme Court on Monday dismissed National Spot Exchange Ltd.'s (NSEL) plea seeking to extend an existing committee mechanism to its ₹937-crore recovery suit against N.K. Proteins Ltd., its promoters, directors, and related entities. A bench of Chief Justice Surya Kant and Justices Joymalya Bagchi and V. Mohana dismissed NSEL's plea against the Bombay HC judgment refusing the same after hearing the parties. The three-member committee was constituted by the Bombay High Court in 2014 in...

LiveLawBiz IBC Weekly Digest: August 10 - August 16, 2026

SUPREME COURTUnderlying Contract's Subsistence Cannot Revive Time-Barred Debt Under IBC: Supreme CourtCase Title : Srinivasa Reddy Velagala v. Sravanthi Infratech Pvt Ltd Case Number : Civil Appeal No. 876 of 2021 CITATION : 2026 LLBiz SC 272The Supreme Court on Wednesday held that the mere subsistence of an underlying contract cannot give a creditor a continuing cause of action for an IBC default that has already occurred. It consequently ruled that a time-barred debt cannot be revived...

Oil Marketing Companies Propose Additional 149 Crore Litres Ethanol Allocation For Fourth Quarter Before Supreme Court

The Oil Marketing Companies (OMCs) have proposed an additional allocation of 149 crore litres of ethanol for the fourth quarter (August-October 2026) of Ethanol Supply Year (ESY) 2025-26.Of this, 55.5 crore litres is proposed to be allocated to 80 Dedicated Ethanol Plant (DEP) bidders.Under the proposal, 71 DEP-1 bidders would receive 52.2 crore litres. Nine DEP-2 bidders would receive another 3.3 crore litres. The remaining 93.3 crore litres would go to 122 other bidders.The Supreme Court on...

LiveLawBiz: Corporate Legal News Daily Round-Up: August 15, 2026

IBC 'Law Shows Greater Sympathy To Debt-Trapped Individuals': NCLAT Gives Guarantors Fresh Chance For ReliefSARFAESI Notice Alone Cannot Establish Personal Guarantee Invocation Without Deed: NCLT ChandigarhIPR Madras High Court Temporarily Restrains Universal Spirits From Using 'Marco Polo' For LiquorMadras High Court Allows OTT Rights Holder Of Pawan Kalyan-Starrer Movie To Seek ₹4 Crore Refund From ProducerMadras High Court Restrains Matrimony.com From Using 'Jodii' Mark For Matchmaking AppTAX...

Telangana High Court Upholds Law Levying Non-Agricultural Land Tax At Different Rates Based On Use

The Telangana High Court has upheld a law that levies non-agricultural land assessment at different rates based on the use of the land, rejecting a constitutional challenge that the levy could become arbitrary if industrial rates were imposed on land not actually used for industrial purposes.The bench comprised Chief Justice Aparesh Kumar Singh, Justice P. Sam Koshy, Justice K. Lakshman, Justice B. Vijaysen Reddy and Justice N. Tukaramji.The five-Judge bench held that Sections 3 and 8 and the...

Supreme Court Imposes ₹10 Lakh Costs On Reliance Industries For Delaying 20-Year-Old NTPC Suit

The Supreme Court on Friday imposed ₹10 lakh costs on Reliance Industries Ltd (RIL) for prolonging litigation in a nearly two-decade-old suit filed by NTPC over a proposed natural gas supply contract. A Division Bench of Justice Pamidighantam Sri Narasimha and Justice Alok Aradhe noted that the suit remains at the evidence stage despite repeated litigation over discovery, production of internal documents, and redaction of inadmissible statements. Discovery and inspection took four years,...

LiveLawBiz: Corporate Legal News Daily Round-Up: August 14, 2026

PMLA Vijay Mallya Claims ₹15,000 Crore Recovered Against ₹6,203 Crore Dues: Bombay High Court Asks SBI, ED To RespondIBC NCLT Mumbai Says ₹5 Crore EMD Cannot Be Forfeited Over Applicant's Eligibility Dispute In Morarjee CIRPNCLT Mumbai Issues Bailable Warrant Against Personal Guarantor For Failing To Appear Despite Repeated DirectionsKerala High Court Expunges NCLT's Adverse Remarks Against Union Bank, Sets Aside ₹1 Lakh CostDefective Or Withdrawn Liquidation Application Cannot End RP's...

Failure To Serve CPC Notice On Legal Representatives Does Not Invalidate DRT Auction Sale: Supreme Court

The Supreme Court on Friday upheld an auction sale of a Delhi property in debt recovery proceedings. It held that the CPC notice requiring the legal representatives of a deceased judgment debtor to show cause why the decree should be executed against them did not govern the auction after the proceedings were transferred to the DRT.A bench of Justices Pamidighantam Sri Narasimha and Alok Aradhe noted that the execution proceedings were initially before the Morena court, where the issue of notice...

Gujarat High Court Declares Pre-October 2023 GST Levy On Related Persons' Corporate Guarantees Unconstitutional

The Gujarat High Court has declared unconstitutional the levy of GST on corporate guarantees furnished by one related company on behalf of another before October 26, 2023, holding that the retrospective levy violates fundamental rights.However, the court held that GST can be levied from that date where such corporate guarantees continue.While upholding the constitutionality of Rule 28(2) of the CGST Rules read it down by removing the expression “whichever is higher” from the prescribed valuation...

Vijay Mallya Claims ₹15,000 Crore Recovered Against ₹6,203 Crore Dues: Bombay High Court Asks SBI, ED To Respond

Fugitive businessman Vijay Vittal Mallya has told the Bombay High Court that his civil liabilities to a consortium of banks have effectively been settled, with the lenders having recovered approximately ₹15,000 crore against an original claim of about ₹6,203 crore, including interest.The submission was made by Senior Advocate Amit Desai, appearing for Mallya, in a plea challenging a Special PMLA Court order that allowed the lender consortium to utilise confiscated assets for recovery of debts...

SAT Partly Lifts SEBI Market Ban On ZEEL, Punit Goenka To Allow Fundraise From Promoter Group Entity

The Securities Appellate Tribunal (SAT) has partly relaxed the market-access restrictions imposed on Zee Entertainment Enterprises Limited (ZEEL) and its former MD Punit Goenka by SEBI. It has allowed them to complete a preferential issue of fully convertible warrants to a promoter group entity.The permission is subject to ZEEL and Goenka depositing their respective penalties of ₹30 lakh and ₹58 lakh within one week. The Tribunal has also extended by one week the deadline for completing the...

Supreme Court Dismisses Reliance's Plea Against Redaction Of Affidavit Portions In NTPC Gas Dispute

The Supreme Court on Friday dismissed Reliance Industries Ltd.'s challenge against a Bombay High Court order directing it to redact portions of its witness affidavits in the company's dispute with NTPC Ltd. over a proposed 17-year supply of natural gas.A bench of Justices Pamidighantam Sri Narasimha and Alok Aradhe dismissed Reliance's petition challenging the August 22, 2024 order of the Bombay High Court. The Court imposed a cost of Rs. 10 lakhs on Reliance Industries and directed it to...