Bombay High Court Dismisses Nusli Wadia, Raheja Challenge to Deemed Conveyance of Malad Land to IJMIMA Society

The Bombay High Court has dismissed three writ petitions filed by industrialist Nusli Neville Wadia, in his capacity as Administrator of the Estate of Late E.F. Dinshaw, along with Radhakrishna Properties Pvt. Ltd. and Ivory Properties and Hotels Pvt. Ltd. The petitions challenged an order dated August 29, 2022 granting unilateral deemed conveyance in favour of the Ijimima Imitation Jewellery Market Co-operative Society.Justice Amit Borkar upheld the order passed by the District Deputy Registrar...

Supreme Court Issues Notice In Zoomcar Plea Over Denial Of Appeal Against GST Order By Rajasthan High Court

The Supreme Court on Wednesday issued notice on a special leave petition filed by Zoomcar India Pvt. Ltd., a self-drive car rental platform, challenging a Rajasthan High Court order that disposed of its writ petition without granting liberty to pursue a statutory appeal under the GST law. A bench of Justice J.B. Pardiwala and Justice K.V. Viswanathan heard the matter and directed the issuance of notice. Zoomcar had approached the High Court of Judicature for Rajasthan challenging...

Supreme Court Upholds Delhi HC Refusal To Recall Arbitrator In Vedanta–GSPC Gas Block Dispute

The Supreme Court on Tuesday dismissed special leave petitions in the dispute between Vedanta Ltd (Cairn Oil & Gas Division) and Gujarat State Petroleum Corporation Ltd (GSPC). The court refused to interfere with the Delhi High Court's order declining to recall its earlier Section 11 appointment of an arbitrator and rejecting a related modification plea. Dismissing the petitions, a bench of Justices Manoj Misra and Manmohan observed, “We do not find a good ground to interfere with the...

MCA Announces One-Time Relief For Delayed Annual Returns And Financial Statements, Cuts Additional Fees To 10%

Companies that have defaulted on filing annual returns and financial statements will get a limited window to regularise their records after the Ministry of Corporate Affairs (MCA) on Tuesday notified the Companies Compliance Facilitation Scheme, 2026 (CCFS-2026). The Scheme will be in force from April 15 to July 15, 2026. Under existing provisions, companies are required to pay an additional fee of Rs.100 per day for delay in filing annual returns and financial statements, without any upper...

LiveLawBiz: Corporate Legal News Daily Round-Up: February 24, 2026

IBCDefunct Scheme Of Arrangement Under Companies Act Cannot Stall IBC Proceedings: Supreme CourtNCLT, NCLAT Cannot Nullify Benami Act Confiscation In IBC Proceedings: Supreme CourtCommittee Of Creditors Not Barred From Litigating In Own Name Under IBC: NCLAT In Byju's Parent Insolvency CaseEven Without Plea, NCLT Kochi Examines Covid-19 Suspension Bar, Rejects CIRP PleasRainbow Papers Ruling Not Ground To Reopen Approved Resolution Plan Over Belated Tax Dues: NCLATCorporate Debtor Cannot Avoid...

Voluntary Statements To Customs Officers Can Sustain Conviction: Supreme Court

The Supreme Court has recently reiterated that statements recorded by Customs officers under Section 108 of the Customs Act, 1962, constitute substantive evidence and can sustain a conviction if shown to be voluntary. A bench of Justice Vikram Nath and Justice Sandeep Mehta reaffirmed the Gujarat High Court's judgment holding that, “Statements recorded under Section 108 of the Customs Act, 1962 by duly authorized Customs Officers are admissible in evidence and do not attract the bar...

Defunct Scheme Of Arrangement Under Companies Act Cannot Stall IBC Proceedings: Supreme Court

The Supreme Court on Tuesday held that insolvency proceedings under the IBC cannot be kept in abeyance on the basis of a Scheme of Arrangement that has become redundant and inoperative for non-compliance with statutory requirements.The court reiterated that once the statutory requirements of Section 7 are met, insolvency must proceed notwithstanding any parallel company law proceedings.A bench of Justices Sanjay Kumar and K. Vinod Chandran framed the core issue as whether pendency of proceedings...

NCLT, NCLAT Cannot Nullify Benami Act Confiscation In IBC Proceedings: Supreme Court

The Supreme Court on Tuesday held that insolvency tribunals cannot nullify confiscation of property under the Prohibition of Benami Property Transactions Act, ruling that once property is confiscated under Section 27, it vests absolutely in the Central Government and falls outside the liquidation estate under the Insolvency and Bankruptcy Code. A Bench of Justices Pamidighantam Sri Narasimha and Atul S. Chandurkar dismissed appeals filed by liquidators who had sought to challenge attachment...

Committee Of Creditors Not Barred From Litigating In Own Name Under IBC: NCLAT In Byju's Parent Insolvency Case

The National Company Law Appellate Tribunal (NCLAT) at Chennai has held that a Committee of Creditors (CoC) can litigate in its own name under the Insolvency and Bankruptcy Code, even though it does not possess juristic personality in the classical sense. The ruling came in proceedings involving Think and Learn Pvt. Ltd., the parent company of edtech firm Byju's. A bench of Judicial Member Justice N Seshasayee and Technical Member Jatindranath Swain observed, “Therefore, since CoC is a...

Borrower Cannot Redeem Mortgaged Property After Sale Certificate Under Pre-2016 SARFAESI: Madhya Pradesh HC

Holding that a borrower cannot reclaim mortgaged property after issuance of a sale certificate under the unamended SARFAESI regime, the Jabalpur Bench of the Madhya Pradesh High Court dismissed writ petitions challenging auction proceedings initiated by Bank of India. A Division Bench of Justices Vivek Rusia and Pradeep Mittal clarified that the equitable principle of “once a mortgage, always a mortgage” operates only until the right of redemption is lawfully extinguished.The case arose from...

LiveLawBiz: Business Law Daily Round-Up: February 23, 2026

IBC Supreme Court Dismisses Appeal Against NCLAT Order Rejecting Insolvency Plea Against VoltasIBBI Suspends Insolvency Professional's AFA For Six Months Over CIRP Without Valid AuthorisationNCLT Mumbai Allows Saraswat Bank To Make Clarificatory Amendments To Section 7 PetitionMere MOU For Flat Allotment Not Financial Debt Without Disbursal To Corporate Debtor: NCLT MumbaiMere Non-Payment Of Ordered Amount Not Civil Contempt, Execution Is Proper Remedy: NCLT KochiIPRDelhi High Court Grants...

Supreme Court Dismisses Customs Review Plea Against IndiGo, SpiceJet In IGST Exemption Case On Reimported Aircraft Parts

The Supreme Court has recently dismissed review petitions filed by the Customs Department against its earlier judgment affirming relief granted to InterGlobe Aviation Limited, which operates IndiGo, in a dispute concerning the levy of Integrated Goods and Services Tax (IGST) on re-import of aircraft and parts sent abroad for repairs.A bench of Justice B.V. Nagarathna and Justice K.V. Viswanathan condoned the delay but declined to interfere with its earlier decision. The court held: ...