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....

Interest Liability Shall Not Cease Merely Because Default Of Principal Amount Fell During S.10A Period: NCLT Mumbai

The National Company Law Tribunal (NCLT) Mumbai bench admitted a petition under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Unity Small Finance Bank Limited against Bafna Motors Private Limited holding that defaults committed after section 10A period are sufficient to trigger Corporate Insolvency Resolution Process (CIRP). It further held that...

IBBI Notifies Insolvency Resolution Process For Corporate Persons (Sixth Amendment) Regulations 2025

On October 14th 2025, the Insolvency and Bankruptcy Board of India (IBBI) has issued Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Sixth 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...

COVID-Induced Financial Distress Or Inability To Pay Is Not Valid Defence U/S 7 IBC: NCLT Mumbai

The National Company Law Tribunal (NCLT) Mumbai bench admitted a petition under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Prudent ARC Limited (assignee of Central Bank of India) against RBEP Entertainment Pvt. Ltd. (formerly Reliance Big Entertainment Pvt. Ltd.). The Tribunal held that debt and default were duly established in the present case and the plea...

NCLT Lacks Jurisdiction To Recover Disputed Contractual Dues During Liquidation U/S 60(5) IBC: NCLAT New Delhi

The NCLAT, New Delhi, Principal Bench, comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Member-Technical), has held that the NCLT doesn't have jurisdiction under section 60(5) of the IBC to recover disputed contractual dues during liquidation. Uttar Pradesh Rajkiya Nirman Nigam Ltd. (URNL) was working under the Uttar Pradesh Power Transport Corporation Ltd. (UPPTCL)....

Can't Claim Salary Arrears For Period Of Honorary Service Prior To Prospective Regularization: Gauhati HC

A Division bench of the Gauhati High Court comprising JusticeMichael Zothankhuma and Justice Anjan Moni Kalita held that an employee cannot claim arrear salary for honorary service prior to regularization if the appointment conditions were accepted and regularization order granted benefits only prospectively. Background Facts The appellant was appointed as a Subject Teacher for...

NCLAT New Delhi Dismisses Korea Trade Insurance Corp's Insolvency Plea Against Amrit Polychmen

The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, comprising Justice Ashok Bhushan (Chairperson) and Barun Mitra (Member-Technical), has dismissed the Korea Trade Insurance Corporation (Ksure) plea for insolvency of Amrit Polychmen, saying that the Ksure was well aware of the pre-existing dispute before stepping into the shoes of JTC. Amrit Polychem...