Top Stories
Courts Must Remain Vigilant Against Expanding 'Narrow Boundaries' Of IBC Review: Supreme Court
The Supreme Court on Friday upheld the approval of Sarda Energy and Minerals Ltd.'s (SEML) resolution plan for SKS Power Generation (Chhattisgarh) Ltd., cautioning courts against expanding judicial review under the Insolvency and Bankruptcy Code, 2016. Affirming the National Company Law Appellate Tribunal's order, which had upheld the National Company Law Tribunal's approval of the plan, a Bench of Justices BV Nagarathna and R Mahadevan stressed that the IBC prioritises speed and...
CRB Mutual Fund Case: Supreme Court Rejects Former Director's Plea Against Forensic Audit Order
The Supreme Court recently refused to interfere with a Delhi High Court order directing a forensic audit and SEBI supervision of the winding up of the CRB Mutual Fund, dismissing a special leave petition filed by C.R. Bhansali, a former director of CRB Capital Markets Ltd., in the long-running proceedings arising from securities and mutual fund irregularities of the 1990s. A bench of Justices J.B. Pardiwala and K.V. Viswanathan said: “Having heard the learned counsel appearing for the parties...
LiveLawBiz: Corporate Legal News Daily Round-Up: February 26, 2026
IBC Byju's CoC Moves Supreme Court After NCLAT Refuses Impleadment In GLAS Trust Removal PleaSupreme Court Refuses To Frame Guidelines On Parallel Insolvency Against Borrower and GuarantorNCLAT Refuses To Condone Delay In Appeal; Limitation Starts From Pronouncement, Not UploadingIPRKerala High Court Restrains Former G-TEC Franchisee From Using GIO TECH MarkPurva Dhanashree Moves Delhi High Court Amid Trademark Dispute Over 'Vilasini Natyam'Jammu Court Grants Interim Relief To JioStar India,...
Supreme Court Refuses To Frame Guidelines On Parallel Insolvency Against Borrower and Guarantor
The Supreme Court on Thursday observed that while simultaneous Corporate Insolvency Resolution Processes (CIRPs) against principal borrowers and corporate guarantors are legally permissible, it will not frame additional judicial guidelines regulating such proceedings, leaving any reform to Parliament and the Insolvency and Bankruptcy Board of India (IBBI). “We, however, decline to lay down guidelines as proposed; and for good reason. IBC is a product of a well-thought, deliberated, and...
Arbitrator Appointed By Agreed Institution Not Per Se Unilateral: Madras High Court
Drawing a clear distinction between unilateral appointments and institutional nominations, the Madras High Court has held that an arbitrator appointed by an arbitral institution agreed upon by the parties cannot automatically be treated as a unilateral appointee, even if one side initiates the process. “The appointment of Arbitral Tribunal by an institution that is agreed upon between the parties per se cannot be dealt with in the same manner in which the Court deals with an unilateral...
Byju's CoC Moves Supreme Court After NCLAT Refuses Impleadment In GLAS Trust Removal Plea
Today, the Committee of Creditors (CoC) of Byju's parent company Think & Learn Pvt Ltd, moved the Supreme Court challenging an order passed by the Chennai Bench of the National Company Law Appellate Tribunal (NCLAT) on 24 February 2026.On 24 February, the NCLAT had held that although the CoC may litigate in its own name under the IBC, it was not a necessary party to the plea seeking removal of GLAS Trust and accordingly upheld the Bengaluru National Company Law Tribunal's (NCLT) 26...
Delhi High Court Temporarily Restrains 'Singh and Singh Chartered Accountants' In Trademark Suit Filed By Law Firm
The Delhi High Court on Thursday granted an ad-interim injunction restraining a chartered accountancy firm from using the name “Singh and Singh Chartered Accountants” in a trademark infringement suit filed by Singh and Singh Law Firm LLP.The order was passed by Justice Jyoti Singh after hearing the submissions of the law firm at the ad-interim stage. During the hearing, the court sought clarification on the nature of the defendants' business, asking, “These are what, chartered accountants?”...
NCLAT Dismisses Jindal Poly Films' Appeal Challenging Maintainability Of Minority Shareholders' Class Action Suit
The National Company Law Appellate Tribunal (NCLAT) on Thursday dismissed an appeal filed by Jindal Poly Films Limited challenging an order of the National Company Law Tribunal that had allowed a class action petition under Section 245 of the Companies Act, 2013 to proceed against the company. The appeal was heard by a bench comprising Judicial Member Justice Yogesh Khanna and Technical Member Ajai Das Mehrotra, which declined to interfere with the NCLT's findings and...
Rooh Afza Is Fruit Drink, Not Residuary Goods; Supreme Court Applies 4% VAT Under Uttar Pradesh VAT Act
The Supreme Court on Wednesday held that “Sharbat Rooh Afza” manufactured by Hamdard (Wakf) Laboratories is classifiable as a “fruit drink / processed fruit product” under Entry 103 of Schedule II Part A of the Uttar Pradesh Value Added Tax Act, 2008, and not under the residuary entry taxable at 12.5%. A Bench of Justice B.V. Nagarathna and Justice R. Mahadevan allowed the appeals and set aside the Allahabad High Court's judgments dated July 2, 2018 and August 3, 2022, which had upheld taxing...
LiveLawBiz: Corporate Legal News Daily Round-Up: February 25, 2026
IBC TDS On Interest Alone Not Enough To Cross Insolvency Threshold: NCLT ChandigarhCorporate Debtor Liable For Electricity Dues Despite Lessee's Consumption; Privity of Contract Prevails: NCLT ChennaiDirect Disbursement To Corporate Debtor Not Mandatory To Qualify As Financial Debt Under IBC: NCLATMSME Protections Must Be Invoked By Corporate Debtor, Not Personal Guarantors: NCLT KochiNCLAT Directs YG Estates To Hand Over Supertech Ecociti, 34 Pavilion Maintenance To RWAs In 30 DaysIPROne-Month...
Direct Disbursement To Corporate Debtor Not Mandatory To Qualify As Financial Debt Under IBC: NCLAT
The National Company Law Appellate Tribunal (NCLAT) at Delhi on Tuesday observed that direct disbursement of funds to a corporate debtor is not mandatory for a debt to qualify as a “financial debt” under Section 5(8) of the Insolvency and Bankruptcy Code, 2016. A bench of Judicial Member Justice Mohammad Faiz Alam Khan and Technical Member Naresh Salecha observed, “We carefully observe that the Section does not use the word “to the Corporate Debtor” after word “disbursed”. From the...