Corporate
Kerala Agriculture Income Tax | Amalgamating Company's Loss Can't Be Set-Off From Income Of Amalgamated Company : Supreme Court
The Supreme Court has observed that a loss suffered by an amalgamating company cannot be set off against the income of an amalgamated company upon amalgamation unless permitted by a statute. A bench of Justice Rajesh Bindal and Justice Vijay Bishnoi dismissed a batch of appeals filed against the Kerala High Court's judgment, which declined the plea for setting off a loss of the amalgamating company out of the income of the amalgamated company. The Court said in the absence of any provision...
Law Does Not Favour The Indolent: Supreme Court Sets Aside Arbitration Initiated After 21-Year Delay
The Supreme Court recently quashed arbitration proceedings between the State of West Bengal and a contractor, holding that the claim was ex facie time barred as the notice invoking arbitration was issued after 21 years from completion of work.“Arbitration though is an alternate dispute resolution system, which has to be encouraged, it cannot deviate from the fundamental principle that law favours the diligent and not the indolent”, the Court said.A bench of Justice Sanjay Kumar and Justice K....
IBC Overrides Securities Law? NCLAT's Expanding Jurisdiction Over Frozen Demat Accounts
Can a stock exchange continue to freeze the assets of a corporate debtor even after the commencement of insolvency proceedings? More importantly, does such regulatory action survive the overarching framework of the Insolvency and Bankruptcy Code, 2016 (“IBC”), which seeks to preserve and maximize the value of the debtor's assets?These questions recently came into sharp focus before the National Company Law Appellate Tribunal (“NCLAT”) in two appeals involving BSE Limited, wherein the Tribunal...
Investments Of Multi State Co-Operative Societies Must Align With Society's Own Business As Per Bye-Laws: Supreme Court
The Supreme Court has held that a multi-state co-operative society can invest in another company, including as a resolution applicant under the Insolvency and Bankruptcy Code, 2016, only if the target company is either its subsidiary or engaged in the “same line of business”.A bench of Justice JB Pardiwala and Justice KV Viswanathan clarified that Section 64 of the Multi-State...
IBC | NCLT Not To Examine If 'Pre-Existing Dispute' Will Succeed While Considering S.9 Application Of Operational Creditor : Supreme Court
The Supreme Court has reiterated that it is impermissible for the adjudicating authority under the Insolvency & Bankruptcy Code to examine the merits of the dispute while considering an application for CIRP under Section 9 by an operational creditor. It added that once the authority is satisfied that there exists a plausible pre-existing dispute, the Section 9 application would...
Insolvency And Bankruptcy Code (Amendment) Act, 2026 – Comprehensive Analysis
Executive Summary: The Insolvency and Bankruptcy Code (Amendment) Act, 2026 (enacted April 2026) implements a series of extensive reforms to India's corporate insolvency regime. Building on the IBC 2016 framework and prior amendments, the new Act introduces creditor-driven mechanisms (notably a Creditor-Initiated Insolvency Resolution Process, CIIRP), strengthens creditor and Committee...
Insolvency And Bankruptcy Code (Amendment) Act, 2026 – Comprehensive Analysis
Executive Summary: The Insolvency and Bankruptcy Code (Amendment) Act, 2026 (enacted April 2026) implements a series of extensive reforms to India's corporate insolvency regime. Building on the IBC 2016 framework and prior amendments, the new Act introduces creditor-driven mechanisms (notably a Creditor-Initiated Insolvency Resolution Process, CIIRP), strengthens creditor and Committee of Creditors (CoC) powers, tightens timelines, and broadens scope (e.g. for group and cross-border insolvency)....
General Reference To Tender Document Containing Arbitration Clause Will Not Amount To Its Incorporation In Contract : Supreme Court
The Supreme Court has reiterated that a general reference in a Letter of Intent to an arbitration clause contained in a tender document cannot form a valid arbitration clause to seek an appointment of an arbitrator.A Bench of Justice J.K. Maheshwari and Justice Atul S. Chandurkar set aside a Bombay High Court order that had appointed an arbitrator in a construction dispute. The High Court...
Artificial Intelligence And Competition Law: Can Algorithms Collude Without Human Intent?
The rapid growth of digital markets and the use of artificial intelligence in business decision-making have fundamentally transformed how firms compete. Pricing, product recommendations, advertising and matching of buyers and sellers are increasingly driven by algorithms rather than direct human decision-making. In this background, competition law faces a novel question: can algorithms used by competing firms collude or achieve cartel-like outcomes without any express human agreement or...
'Publicity Driven Exercise': Orissa High Court Quashes Case Against Mukesh Ambani Over Supply Of 'Defective Mobile' To Lawyer In 2003
The Orissa High Court has quashed a criminal complaint and summoning order issued by a Magisterial Court against the Reliance Industries Limited (RIL) and its Chairman Mukesh Ambani over supply of a defective mobile handset to a lawyer in the year 2003.While setting aside the impending criminal prosecution, the Bench of Dr. Justice Sanjeeb Kumar Panigrahi termed the entire exercise as...
Civil Courts Can't Decide Premature Loan Repayment Disputes, Only NCLT Has Jurisdiction: Allahabad High Court
The Allahabad High Court has held that civil courts cannot decide disputes regarding premature repayment of a loan. Only the National Company Law Tribunal (NCLT) has such jurisdiction under Section 45QA of the Reserve Bank of India Act, 1934, read with Section 430 of the Companies Act, 2013.Section 45QA of the Reserve Bank of India Act, 1934, empowers the Company Law Board, constituted...