Bombay High Court Stays DGFT Notification Changing Classification Of Roasted Areca Nuts; DGFT Issues Fresh Notification

The Bombay High Court has granted a stay on the Notification issued by the DGFT (Directorate General of Foreign Trade) seeking to alter the classification of “Roasted Areca Nuts”. Subsequently, on 15th October, 2025, the DGFT, having realised the mistake, issued a fresh Notification rectifying the same. Justices B.P. Colabawalla and Amit S. Jamsandekar were addressing a...

Amount Paid As Advance Consideration Constitutes Operational Debt Under Section 5(21) Of IBC: NCLAT

The National Company Law Appellate Tribunal (NCLAT) New Delhi held that an amount paid as advance consideration constitutes an Operational Debt under section 5(21) of the IBC especially when the said amount is reflected in the audited balance sheet of the corporate debtor as advance without any qualifying note by the auditor. A bench comprising Justice Yogesh Khanna (Judicial Member)...

NCLT Cuttack Orders Initiation Of CIRP Against Bhilai Jaypee Cement Limited

The National Company Law Tribunal (NCLT), Cuttack Bench, Deep Chandra Joshi (Member-Judicial) and Banwari Lal Meena Banwari Lal Meena (Member-Technical) has initiated the CIRP against Bhilai Jaypee Cement Limited, a subsidiary of the debt-ridden group Jaiprakash Associates Limited, for a default of Rs 45 crore. The petition under section 9 of the IBC was filed by...

NCLT Cannot Recall Order Passed On Merits Under Rule 11 Of NCLT Rules 2016: NCLAT Chennai

The National Company Law Appellate Tribunal (NCLAT), Chennai Bench, comprising Justice Sharad Kumar Sharma (Member-Judicial) and Jatindranath Swain (Member-Technical), has held that an order passed on merits cannot be recalled by the NCLT under rule 11 of the NCLT Rules, 2016. Background The CIRP of the corporate debtor was initiated, and the appellant turned out to be the...

Suspended Directors' Duty To Sign Balance Sheets Continues During CIRP, Any Acknowledgment Extends Limitation Against Personal Guarantor: NCLAT

The National Company Law Appellate Tribunal (NCLAT) New Delhi held that since the liability of the guarantor is co-extensive with that of the borrower, any acknowledgment of liability by the corporate debtor extends the limitation period against the guarantor also. The Tribunal also held that signing balance sheets is a statutory duty of the directors of a company from which they...

Supreme Court To Examine If Transfer Of Leasehold Rights Attracts GST

The Supreme Court is set to examine whether the assignment of leasehold rights constitutes a “transfer of land” or amounts to a “supply of service” under the Goods and Services Tax (GST) regime.A bench of Justice Pankaj Mithal and Justice Prasanna B. Varale was dealing with Centre's plea challenging a Gujarat High Court judgment that held that assignment of leasehold rights in land...

Consumer Complaint Is Not Maintainable Against Corporate Debtor During Subsistence Of Moratorium: Bombay High Court

The Nagpur Bench of the Bombay High Court, comprising of Justice M.M. Nerkiar, has held that the consumer complaint before the District Consumer Dispute Redressal is not maintainable if the insolvency of the corporate debtor has been admitted during the continuance of the moratorium. The petition was filed against the order of the District Consumer Dispute Redressal. In the...

Rajasthan High Court Declares GAFTA London Award Enforceable As Decree; Reiterates Narrow Scope Of “Public Policy” U/S 48 Arbitration Act

The Rajasthan High Court dismissed objections against the enforcement of a foreign award raised by Raj Grow Impex LLP stating that the scope of interference is extremely narrow at the enforcement stage and that an award holder having won before both the tribunal and appellate tribunals should not be left to feel that he has won the battle but lost the war. Justice Anoop Kumar Dhand...

SEBI Bars 'First Overseas Capital' From Securities Market For 2 Years, Imposes ₹20 Lakh Penalty For Multiple Violations

The Securities and Exchange Board of India (SEBI) on Thursday barred First Overseas Capital Limited (FOCL), a registered merchant banker, from accessing the securities market and taking on new issue management mandates for two years, after finding multiple violations of securities laws.This included misrepresentation of financial position, non-compliance with net worth requirements, and...

Court May Direct Deposit Of 100% Of Awarded Amount Before Granting Stay U/S 36(3) Arbitration Act: Orissa High Court

The Orissa High Court held that directing a 100% deposit of the awarded amount as a pre-condition for granting stay under section 36(3) of the Arbitration and Conciliation Act, 1996 (Act) is legally valid and consistent with the settled jurisprudence of the Supreme Court. Dr. Justice Sanjeeb K. Panigrahi held that “where the arbitral award is in the nature of a money decree,...

No Employee, Including Retirees, Has Vested Right To Perpetually Reap Benefits Of Employer's Mistake Of Erroneous Payments: J&K HC

A Division bench of the Jammu & Kashmir High Court comprising Justice Sanjeev Kumar and Justice Sanjay Parihar held that recovery of erroneously paid benefits from retired low-level employees is impermissible, but correction of future pay/pension is allowed. Further that no employee, including one who has superannuated, possesses a vested right to perpetually reap the benefits...

Provisions Of SC/ST Act Can't Be Used To Prevent Banks From Enforcing Security Interests: Delhi High Court

The Delhi High Court recently held that prima facie, the provisions of the Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act, 1989 cannot be invoked to prevent the enforcement of a mortgage or security interest by a bank.A single bench of Justice Sachin Datta while staying a summons issued by the National Commission for Scheduled Tribes (NCST) to Axis Bank's top...