Share Purchase Dues Between Exiting And Erstwhile Shareholders Not Financial Debt: NCLT Indore

The National Company Law Appellate Tribunal (NCLT) at Indore has held that consideration paid for the purchase of shares between outgoing and incoming shareholders is a personal equity transaction and cannot be treated as a financial debt against the company under the Insolvency and Bankruptcy Code. A coram of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta...

NCLAT Holds Appeal Delay Deemed Condoned Due To Registry Error, Refuses To Recall Insolvency Admission

The National Company Law Appellate Tribunal (NCLAT) at Delhi held that a three-day delay in filing an insolvency appeal stood deemed to have been condoned due to a registry error, and on that basis refused to recall its earlier order admitting insolvency proceedings. A coram comprising Judicial Member Justice Yogesh Khanna and Technical Member Ajai Das Mehrotra, passed the order on December...

Business Law Daily Round-Up: December 29, 2025

TAX APVAT | Value Added Tax Not Leviable On Offshore Sales Beyond Territorial Waters: Andhra Pradesh High CourtIncome Tax Act | Delhi High Court Sets Aside Reassessment Against MakeMyTrip Over ₹50 Crore Receipt, Cites Vague S.148A NoticesBombay High Court Upholds 18% Interest Levy On Delayed VAT Payment, Says Interest Levied Automatically Once Payment Is DelayedPunjab & Haryana High...

NCLT Kolkata Approves Ambuja Housing's ₹34 Crore Plan to Revive Riverbank Developers

The National Company Law Tribunal (NCLT) at Kolkata has admitted and approved Ambuja Housing and Urban Infrastructure Company Ltd.'s resolution plea against Riverbank Developers, clearing a Rs 34 crore plan to revive the insolvent real estate firm. The decision provides a path forward for the "Usshar Project," a massive residential development involving more than 2,400 homebuyers who...

Interest Free Maintenance Security Collected From Homebuyers By Builder Not Financial Debt: NCLT Jaipur

The National Company Law Tribunal, Jaipur Bench has recently held that Interest Free Maintenance Security collected by a builder from flat buyers is not a financial debt under the Insolvency and Bankruptcy Code, 2016. Thus, it ruled that a residential welfare society cannot trigger insolvency proceedings on the basis of such maintenance-related claims.A coram of Judicial Member Reeta Kohli...

Sole Arbitrator Returning Finding Based On Presumption, Modifying Agreement Vitiates Award: Allahabad High Court

The Allahabad High Court has held that finding returned by a Sole Arbitrator based on presumption and which has the effect of modifying the agreement, vitiates the arbitral award.The bench of Chief Justice Arun Bhansali and Justice Jaspreet Singh held “The Sole Arbitrator by returning a finding which is not based on any evidence and material on record and merely is based on presumption...

IBC Annual Digest 2025 Part 2

Supreme Court IBC Moratorium Doesn't Bar Voluntary Surrender Of Corporate Debtor's Leased Property To Lessor: Supreme Court Cause Title: Sincere Securities Private Limited & Ors. Versus Chandrakant Khemka & Ors. Citation : 2025 LiveLaw (SC) 774 The Supreme Court on Tuesday (August 5) held that the moratorium under the Insolvency and Bankruptcy Code, 2016 (IBC), does...

Centre Extends Anti-Dumping Duty On PET Resin Imports From China Till June 2026

The Ministry of Finance, Department of Revenue has extended imposition of Anti-Dumping Duty on imports of “imports of “Polyethylene Terephthalate” (PET) resin having an intrinsic viscosity of 0.72 decilitres per gram or higher” from China PR till June 26, 2026. The Anti-Dumping Duty Notification applies to PET resin having an intrinsic viscosity of 0.72 decilitres per gram...

Pendency Of Conciliation Proceedings Under MSME Act Does Not Bar Interim Relief U/S 9 Of A&C Act To Preserve Subject Matter: Calcutta HC

The Calcutta High Court has held that pendency of conciliation proceedings does not bar the grant of limited interim relief under section 9 of the Arbitration and Conciliation Act, 1996 ("Arbitration Act"), where such relief is essential to preserve the subject matter of the dispute. Justice Gaurang Kanth held while allowing a Section 9 application filed by Rishi Chemical Works...

Delhi High Court Stops Fake Job Recruitment In Akasa Air's Name, Orders Blocking Of Domains

The Delhi High Court has temporarily restrained several individuals and unknown persons from using the marks “AKASA,” “AKASA AIR,” and related trademarks to run alleged fake recruitment activities linked to Akasa Air, after finding a prima facie case of impersonation.Justice Manmeet Pritam Singh Arora passed the interim order on December 22, 2025, while hearing a trademark...

NCLAT Revives Culver Max's Insolvency Plea Against Fintech Firm Over Sony LIV Marketing Dues

The National Company Law Appellate Tribunal (NCLAT) at Delhi recently revived an insolvency case filed by Culver Max Entertainment Private Limited, the company formerly known as Sony Pictures Network India, against the firm Odishsa based Rechargekit fintech over unpaid dues arising from the marketing of Sony LIV premium subscription plans. The Appellate Tribunal ruled that the insolvency...

Section 56(2)(x) Not Attracted If Property Held As Stock-in-Trade: ITAT Mumbai Remands ₹18.48 Cr Addition

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has set aside an income tax addition of over ₹18.48 crore made under Section 56(2)(x) of the Income Tax Act, 1961, and remanded the matter back to the Assessing Officer to verify whether the disputed immovable property was held as stock-in-trade by the assessee. A Bench comprising Judicial Member Rahul Chaudhary and...