LiveLawBiz: Corporate Legal News Daily Round-Up: March 31, 2026

IBC Fresh IBC Plea Maintainable Despite No Liberty To File Fresh Petition At Withdrawal Of Earlier Plea: NCLT ChennaiNCLAT Dismisses SGN Appeal On Its Claims Over Tower 5 Of Morpheus Bluebell In CIRP Against Its DeveloperNCLAT Upholds NCLT Mumbai Order Directing Eviction Of Unauthorised Occupant In Infra Company CIRPNCLT Kolkata Refuses To Invalidate Shree Padmawati Metaliks CIRP Bidding Process After Applicant Skips ParticipationIPR Delhi High Court Sets Aside Ex-Parte Interim Injunction on...

Tax Exemptions Are 'Defeasible' Concessions, Not Enforceable Rights: Supreme Court

Holding that a tax exemption is only a “defeasible” concession, the Supreme Court has ruled that beneficiaries have no legally enforceable right to its continuation beyond the period of grant and that such benefits can be withdrawn by the State in public interest.A bench of Justices Pamidighantam Sri Narasimha and Alok Aradhe was allowing appeals filed by the State of Maharashtra against a batch of industrial units and captive power producers, including Reliance Industries Ltd., challenging...

Excise Appeals To High Court On Substantial Questions Of Law Maintainable After NTT Act Struck Down: Patna High Court

The Patna High Court has recently held that appeals to High Courts in central excise matters involving substantial questions of law remain maintainable after the Supreme Court struck down the National Tax Tribunal Act, 2005, which had omitted the provision providing for such appeals. The court held that “The earlier provision mentioned in Section 35G of the Central Excise Act, 1944, Section 130 of the Customs Act, 1962 (52 of 1962) as well as any other provisions of law which were omitted by...

Union Budget 2026-27: Centre Notifies Finance Act, 2026

The Central Government has notified the Finance Act, 2026, giving statutory effect to the budget proposals for the financial year 2026-27 after receiving presidential assent on March 30, 2026. The Act, published in the Gazette of India, states, "An Act to give effect to the financial proposals of the Central Government for the financial year 2026-27.” Most provisions of the legislation will come into force from April 1, 2026, including those relating to income-tax rates and amendments to...

LiveLawBiz: Corporate Legal News Daily Round-Up: March 30, 2026

IBC Lok Sabha Passes IBC Amendment Bill 2025Vedanta Moves Supreme Court Against NCLAT Refusal To Stay Implementation Of Adani's JAL Resolution PlanNCLT Ahmedabad Approves Niyogi Enterprise's ₹35.9 Crore Capital ReductionNCLT Bengaluru Says Suspended Director Cannot Challenge Resolution Plan After Skipping CoC MeetingsNCLAT New Delhi Modifies NCLT Order In Vatika Ltd. Insolvency, Restricts CIRP To 'Aspirations' ProjectNCLAT Sets Aside Resolution Plan For Manjeera Constructions Over Three-Day...

LiveLawBiz IPR Weekly Digest: March 22 - March 28, 2026

HIGH COURTSDelhi High CourtDelhi High Court Asks Patanjali's Acharya Balkrishna To Narrow Down Grievances In His Personality Rights SuitCase Title: Acharya Balkrishna v. Ashok Kumar John Doe & Ors. Case Number: CS(COMM) - 291/2026Patanjali Ayurved co-founder and Managing Director Acharya Balkrishna has moved the Delhi High Court seeking protection of his personality rights against alleged deepfakes, misleading videos, and online misinformation. The court on Monday expressed reservations over...

Lok Sabha Passes IBC Amendment Bill 2025

The Lok Sabha on Monday passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2025, bringing in a creditor-initiated insolvency resolution process and tightening timelines for admission and disposal of cases under the Code.According to Finance Minister Niramala Sitharaman, the bill seeks to replace the pre-packaged insolvency regime with a more efficient one. "The earlier framework was not fully utilised. It is now being replaced by a new creditor-initiated insolvency framework...

LiveLawBiz Indirect Tax Weekly Round-Up: March 23 - March 29, 2026

SUPREME COURTSupreme Court Sets Aside HC Ruling Granting Electricity Duty Relief To Reliance, Other Captive Power IndustriesCase Title : The State of Maharashtra vs Reliance Industries Ltd & Ors Case Number : C.A. No. 3012-3026/2010 CITATION : 2026 LLBiz SC 130The Supreme Court on Wednesday set aside the Bombay High Court's 2009 rulings that had granted electricity duty relief on captive power generation to industries, including Reliance Industries Ltd., for the period between 2000 and...

After Pan Products Company Agrees to Deposit ₹3.5 Crore Of GST Demand, Supreme Court Stays Coercive Action

The Supreme Court has directed Simla Gomti Pan Products Pvt. Ltd. to deposit Rs 3.5 crore in a GST dispute and ordered that no coercive action be taken against it for now. A bench of Justice J.B. Pardiwala and Justice K.V. Viswanathan was hearing the company's challenge to a November 3, 2025, judgment of the Allahabad High Court, which had refused to entertain its writ petition. The company had earlier approached the High Court against assessment orders for 2021–22 and 2022–23, contending that...

Vedanta Moves Supreme Court Against NCLAT Refusal To Stay Implementation Of Adani's JAL Resolution Plan

Vedanta Ltd has moved the Supreme Court assailing the National Company Law Appellate Tribunal's order declining interim relief against implementation of Adani Enterprises' resolution plan for Jaiprakash Associates Ltd.The plan, approved by the NCLT on March 17, 2026, with a 93.81% CoC vote, is under challenge over the alleged non-consideration of Vedanta's higher bid in breach of the value maximisation objective under the Insolvency and Bankruptcy Code.Jaiprakash Associates Limited, which...

LiveLawBiz Direct Tax Weekly Round-Up: March 23 - March 29, 2026

HIGH COURTSGujarat HCBona Fide Delay Justifies Tax Benefit, “Genuine Hardship” Must Be Liberally Applied: Gujarat High CourtCase Title : Herald Global Ventures Pvt. Ltd v. The Chief Commissioner of Income Tax Case Number : R/SPECIAL CIVIL APPLICATION NO. 11722 of 2024 CITATION : 2026 LLBiz HC(GUJ) 43The Gujarat High Court on 16 March, held that a bona fide delay of 53 days in filing Form 10-IC cannot deprive an eligible taxpayer of concessional tax benefits. The expression “genuine hardship”...

Shareholder Has No Proprietary Rights Over Company's Digital Assets: Karnataka High Court

The Karnataka High Court recently refused to quash an FIR registered against the Director of a Bengaluru-based algorithmic trading company for allegedly stealing, copying, and deleting the company's proprietary source code and trading algorithms, holding that a shareholder's stake does not confer any proprietary right over the company's digital assets. The single-judge bench of Justice M. Nagaprasanna held that the issue was not purely civil in nature; the court observed that the allegations...