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...

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

IBCNCLT Ahmedabad Rejects Operational Creditor's Insolvency Plea Against Tecso Project, Imposes ₹2 Lakh Cost Underlying Contract's Subsistence Cannot Revive Time-Barred Debt Under IBC: Supreme Court Later Default After Repayment Extension Cannot Revive COVID-Period Insolvency Claim: NCLT Mumbai Advocates Acting As Insolvency Professionals Must Register Under GST, Pay Under Forward Charge: Delhi High Court NCLT Ahmedabad Dismisses Ricova International's Insolvency Plea Against Kraft Paper...

Excise Department Cannot Invoke Extended Limitation For Omission When Facts Were Already Known: Supreme Court

The Supreme Court on Thursday reiterated that the Excise Department cannot invoke the extended limitation period when the relevant facts were already known to it. The court set aside an excise duty demand after finding that the Department knew the manufacturer had cleared the chassis at 110% of its manufacturing cost.A Bench of Justices J.B. Pardiwala and K. Vinod Chandran, however, upheld the Department's position on valuation. It ruled that the additional 10% included in the valuation of the...

Qatar Holding Moves Karnataka High Court To Enforce SGD 7.2 Million SIAC Award Against Byju Raveendran

Qatar Holding LLC has moved the Karnataka High Court seeking enforcement of a SGD 7.2 million (₹53.2 Crore) arbitral award passed under the Singapore International Arbitration Centre (SIAC) Rules against Byju Raveendran and Byju's Investments Pte. Ltd. (BIPL).The present proceedings are Qatar Holding's second plea before the Karnataka High Court arising from the arbitration. The earlier plea concerned the Partial Final Award dated July 14, 2025, while the present petition seeks enforcement of...

Bombay High Court Temporarily Restrains Dabur From Using 'NEEM' As Leading Feature On Toothpaste Label

The Bombay High Court has temporarily restrained Dabur India Ltd from using its toothpaste label featuring 'NEEM' as the leading and essential feature in an interim order favouring Jyothy Labs Ltd. in a trademark infringement and passing-off suit. Justice Arif S. Doctor, while allowing the interim application, clarified that Dabur was not barred from using the word 'NEEM' descriptively, but could not use it as a prominent, source-identifying feature on the label. “It is, however, clarified...

Advocates Acting As Insolvency Professionals Must Register Under GST, Pay Under Forward Charge: Delhi High Court

The Delhi High Court on Thursday held that advocates rendering services as insolvency professionals must obtain GST registration, ruling that such services are subject to the forward charge mechanism and not the reverse charge mechanism applicable to legal services provided by advocates. A bench of Justices Pratibha M. Singh and Shail Jain passed the judgment on a petition filed by advocate Kanwal Chaudhary challenging an Insolvency and Bankruptcy Board of India (IBBI) order dated March 9,...

Underlying Contract's Subsistence Cannot Revive Time-Barred Debt Under IBC: Supreme Court

The 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 through insolvency proceedings.Justices J.B. Pardiwala and Manoj Misra held that the operational creditor's claims had crystallized in 2012, but it failed to pursue them within three years. The Court held that the insolvency application filed in 2018...

Supreme Court Notice On GST Department Plea Against HC Order Quashing Arrest Over Failure To Serve Grounds

The Supreme Court on Thursday issued notice on the GST Department's plea challenging an Allahabad High Court order that set aside the remand of a person arrested under the Central Goods and Services Tax Act, 2017. The High Court had found that the grounds of arrest were not shown to have been served before his production before the Magistrate. The High Court also found that the arrest memo did not mention any annexure containing the grounds of arrest. The court relied on the January 13, 2025...

Supreme Court Issues Notice On Liquor Body's Appeal Against Kerala's Jawan Rum Preference, Alleges Competition Harm

The Supreme Court on Thursday has issued notice on an appeal filed by the Confederation of Indian Alcoholic Beverage Companies (CIABC) challenging the Competition Commission of India's (CCI) decision to reject allegations of preferential treatment to state-owned Jawan Rum in Kerala. The appeal challenges the NCLAT's May 20, 2026 judgment, which upheld the CCI's decision to close the complaint.It had upheld the CCI's decision rejecting allegations that preferential treatment accorded to...

Borrower Cannot 'Blithely' Ignore Banks' Accounting System While Calculating Loan Liability: Supreme Court

The Supreme Court has observed that a borrower, in this case a trust and its trustees, cannot keep changing its calculations of loan liability to suit its interests while ignoring the accounting system followed by banks.A bench of Justices Sanjay Kumar and Sanjeev Sachdeva observed, “The Trust and its trustees cannot blithely ignore the accounting system followed by banks and come up with different calculations at different points of time to suit their own interests.”The top court restored the...