Supreme Court Sets Aside Delhi HC Ruling That PNB-HCB Bank Merger Did Not Amount To Unlawful Subletting

The Supreme Court on Thursday allowed the appeal filed by British Motor Car Company (1934) Ltd against the Delhi High Court's judgment which had held that the statutory amalgamation of Hindustan Commercial Bank (HCB) with Punjab National Bank (PNB) did not amount to unlawful subletting under the Delhi Rent Control Act.The High Court had set aside the eviction order passed by the Rent Control Tribunal, holding that the transfer of tenancy rights to PNB pursuant to the statutory amalgamation of...

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

IBC NCLT Mumbai Sets Aside MIDC's Cancellation Of Plot Allotments To Jet Airways, Directs Lease ExecutionNCLT Mumbai Rejects ₹4.43 Cr Section 9 Plea, Holds Pre Existing Dispute Over Part Of Debt SufficientNCLT Ahmedabad Holds Mere Breach Claims Cannot Defeat CIRP, Admits ₹2.02 Cr. Plea Against Mehsana DairyDirector's Resignation Did Not Discharge His Liability Under Deed Of Guarantee In Technofab Case: NCLATNCLT Kochi Rejects Insolvency Plea Against BPL, Finds It Was Attempt To Recover Arbitral...

NCLT Mumbai Admits Kishore Biyani-Led Future Consumer Into CIRP Over ₹263.77 Crore Default

The Mumbai Bench of the National Company Law Tribunal on Wednesday admitted Kishore Biyani-led Future Consumer Ltd into the Corporate Insolvency Resolution Process (CIRP) on a petition filed by Resurgent India Special Situations Fund. The tribunal found that the company had defaulted on a financial debt, with acknowledged outstanding dues of ₹263.77 crore. A bench of Judicial Member Nilesh Sharma and Technical Member Sameer Kakar held that the requirements for initiating CIRP had been...

NCLAT Decisions Shape Commercial Confidence, Strengthen Rule Of Law: Justice Ashok Bhushan

In his farewell address, the outgoing NCLAT Chairperson reflected on his tenure, judicial philosophy, and the future of the Tribunal.

Pre-Cognizance Hearing Under BNSS Doesn't Apply In Companies Act Cases: Punjab & Haryana High Court

The Punjab and Haryana High Court has held that companies and individuals prosecuted by the Serious Fraud Investigation Office (SFIO) under the Companies Act, 2013 are not entitled to a pre-cognizance hearing under the first proviso to Section 223 of the Bharatiya Nagarik Suraksha Sanhita (BNSS). It ruled that the Companies Act prescribes a separate procedure for taking cognizance in such prosecutions. Justice Subhas Mehla, who heard a petition filed by Vivo India Private Limited challenging...

LiveLawBiz: Corporate Legal News Daily Round-Up: July 07, 2026

COMPETITION LAW CCI Closes Antitrust Complaint Against Nissan Over Dealership TerminationIBC 'Shylockian System' Of Lending Cannot Be Permitted To Misuse IBC For Debt Recovery: NCLT Kochi'Endless Indulgence' Under Guise Of Resolution Defeats IBC's Purpose: NCLATIBC Claim Requires Crystallised Right To "Payment," Not Mere Right To "Performance": NCLT KolkataOrder Passed On Mistaken Facts Cannot Be Basis For Contempt: NCLATCOVID Extension Does Not Waive Interest On Delayed Liquidation Payments:...

Taxation Of Virtual Digital Assets Doesn't Subject Crypto Exchanges To Public Law Scrutiny: Delhi High Court

The Delhi High Court has recently held that the taxation of Virtual Digital Assets (VDAs) under the Finance Act, 2022 does not make cryptocurrency exchanges "State" under Article 12 of the Constitution or, by itself, subject them to public law scrutiny.A division bench of Chief Justice Devendra Kumar Upadhyaya and Justice Tejas Karia thus dismissed an appeal filed by users of cryptocurrency exchange platform BitBNS, seeking CBI or SIT probe into the alleged withdrawal restrictions.For context,...

CCI Closes Antitrust Complaint Against Nissan Over Dealership Termination

The Competition Commission of India (CCI) on Tuesday closed a complaint accusing Nissan Motor India Private Limited of anti-competitive practices in connection with the termination of a dealership agreement. It found no prima facie case that the company had entered into anti-competitive vertical arrangements or abused a dominant position. A coram of Chairperson Ravneet Kaur and Members Anil Agrawal, Sweta Kakkad and Deepak Anurag observed that the dealership cancellation was a standard...

'Endless Indulgence' Under Guise Of Resolution Defeats IBC's Purpose: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at Delhi has observed that the Insolvency and Bankruptcy Code (IBC) is intended to maximise value through a time-bound resolution process and cannot permit indefinite delays in implementing an approved resolution plan. Applying that principle, it upheld the liquidation of Ushdev International Limited after its approved resolution plan remained unimplemented for more than three years. A bench of Judicial Member Justice N. Seshasayee and...

Former Lakshya Promoter Moves SAT Against SEBI's Approval Of Learnfluence Education IPO

Former Learnfluence Education Limited promoter Adheesh Damodaran has approached the Securities Appellate Tribunal challenging the Securities and Exchange Board of India's approval of the company's proposed Initial Public Offering (IPO). Learnfluence Education Limited operates the Lakshya Indian Institute of Commerce coaching platform.The appeal came up before a Bench comprising Presiding Officer Justice P.S. Dinesh Kumar and Technical Members Meera Swarup and Dr. Dheeraj Bhatnagar. After...

LiveLawBiz: Corporate Legal News Daily Round-Up: July 06, 2026

IBC Continuation Of CIRP By Sole Creditor Despite Full Repayment Is Malicious Use Of IBC: NCLAT DelhiCreditors Cannot Question RP's Information Requests During Claim Verification: NCLAT New DelhiOTS Breach Revives Original Loan Liability; Creditor Can Recover Full Dues: NCLAT New DelhiNCLT Mumbai Admits Bank Of Maharashtra's CIRP Plea Against DNR India Autotech Over ₹17.98 Crore DefaultNCLT Mumbai Orders Restoration of Pledged Shares, Holds Their Invocation During CIRP Moratorium...

LiveLawBiz Indirect Tax Weekly Round-Up: June 29 - July 05, 2026

HIGH COURTSAllahabad HCTransit State Lacks Jurisdiction To Levy GST Penalty Without Taxable Transaction: Allahabad High CourtCase Title : Maruti Enterprises v. State of U.P. and another Case Number : WRIT TAX No. - 1423 of 2026 CITATION : 2026 LLBiz HC (ALL) 51The Allahabad High Court has held that a State through which goods merely transit cannot invoke Section 129 of the Central Goods and Services Tax Act, 2017, to detain goods and levy penalty for the absence of an e-tax invoice where no...