Corporate
NCLT Admits Byju's K3 Education To Insolvency Over Rs 1.76 Crore Unpaid Debt
The National Company Law Tribunal (NCLT) at Bengaluru recently admitted Byju's K3 Education Pvt Ltd, another Byju's group company, to insolvency over an unpaid operational debt of Rs. 1.76 crore. The order was passed on October 15, 2025, following a petition by an Operational creditor-Kritikal Solutions Pvt Ltd. A coram comprising Judicial Member Sunil Kumar Aggarwal and Technical...
Execution Of Sale Deed Is Permitted During CIRP If Possession Was Handed Over Before Its Commencement: NCLT Indore
The NCLT, Indore Bench, comprising Mohan P. Tiwari (Member-Judicial) and Sanjeev Sharma (Member-Technical), has held that the moratorium doesn't prohibit the execution of sale deeds during CIRP if the possession was handed over to allottees prior to commencement of CIRP. The JSM Devcons Pvt. Ltd. (Corporate Debtor) is engaged in developing the housing project, Pinnacle D Dreams....
Bombay High Court Imposes ₹50,000 Cost On Petitioner For Challenging Reserved NCLT Order
The Bombay High Court recently imposed a cost of ₹50,000 on a petitioner for filing a writ petition against a National Company Law Tribunal (NCLT) order that had merely been reserved and not yet pronounced.A division bench of Justices R I Chagla and Farhan P Dubash held that the petition was not maintainable before the High Court “Thus, the Order reserved has not yet been...
Clause In Insurance Policy Shortening Limitation Period Is Void U/S 28 Contract Act: Delhi High Court
The Delhi High Court restored an arbitral award in favor of M/s H.P. Spinning Mills Pvt. Ltd.(Appellant) which was set aside 16 years ago holding that clause of the insurance policy which required claims to be made within 12 months from the date of loss was void and unforceable under section 28 of the Indian Contract Act. The court held that the Single Judge erred in relying on...
'Higher Credence Is Given To Award Passed After Detailed Pre-Arbitral Process': Bombay High Court
The Bombay High Court has held that arbitral awards passed after a detailed pre-arbitral process contractually agreed upon by the parties deserve a higher degree of credibility and judicial deference. The Court refused to grant an unconditional stay on the execution of an arbitral award in favour of the contractor, holding that mere disagreement with the arbitral tribunal's findings does...
Old Pension Scheme As Per Job Advt Can't Be Denied Because Employees Joined After Cut Off Date; Jharkhand HC
A Division bench of the Jharkhand High Court comprising Chief Justice Tarlok Singh Chauhan and Justice Rajesh Shankar held that appointees selected pursuant to advertisements issued prior to 01.01.2004 are entitled to the benefits of the Old Pension Scheme, even if their actual appointment or joining occurred after the introduction of the New Pension Scheme. Background Facts...
CA-Certified Audited Statements Are Valid Proof Of Actual Expenditure: Delhi High Court Partly Upholds Arbitral Award Against NHAI
The Delhi High Court dismissed a petition under section 34 of the Arbitration and Conciliation Act, 1996 (Arbitration Act) filed by National Highways Authority of India (NHAI) against an arbitral award passed in favor of Hindustan Construction Company Ltd. (HCC). The court further held that the arbitrator's award of compensation for expenses incurred during extended time...
'Unrelated Party To Contract Cannot Be Regarded As Veritable Party To Arbitration Agreement': Bombay High Court
The Bombay High Court has held that an unrelated third party to a contract cannot be treated as a “veritable party” to the arbitration agreement and hence cannot be compelled to participate in the arbitral proceedings. The Court reiterated that the doctrine enabling non-signatories to be treated as parties to an arbitration agreement applies only where there exists a close relationship,...
IBBI Notifies Liquidation Process (Second Amendment) Regulations 2025
On October 14th 2025, the Insolvency and Bankruptcy Board of India (IBBI) has issued “Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2025”. By exercising its power conferred by virtue of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016, the IBBI has released the said amendment. The amendment came into...
Income Tax Act | Non-Production Of Form 3CL Isn't Material Suppression; Not Grounds To Reopen Assessment U/S 147: Kerala High Court
The Kerala High Court held that the non-production of Form 3CL is not material suppression and is not a valid ground to reopen the assessment under Section 147 of the Income Tax Act. Under Section 35(2AB) of the Income Tax Act, 1961, any expenditure on scientific research is allowable as a deduction. A sum equal to one and one-half times the expenditure is allowed as such a...
Cheque Dishonour Proceedings Can Be Sustained Against Directors & Signatories Of Company Even If It Is Declared Insolvent: Orissa High Court
The Orissa High Court, Bench comprising Justice Chittaranjan Dash, has ruled that the proceedings under section 138 of the NI Act will sustain against the directors or signatories of the company even if the entity has been declared insolvent under the IBC, 2016. The complainant extended a loan of Rs. 1 Cr. to Zenith Mining Pvt. Ltd., which remains unpaid. The check issued by...
NCLT Kochi Admits Kotak Mahindra Bank's Insolvency Petition Against Inditrade Business Consultants
The NCLT, Kochi Bench, comprising Vinay Goel (Member-Judicial) and Madhu Sinha (Member-Technical), has admitted the Kotak Mahindra Bank's insolvency petition against Inditrade Business Consultants. Kotak Mahindra Bank advanced working capital and overdraft facilities of Rs. 20 Cr. to Inditrade Business Consultants Limited. The amount was later enhanced to Rs. 25 Cr....