NCLT Mumbai Reaffirms Insolvency Process Can Proceed Against Guarantors Without CIRP Of Corporate Debtor

The National Company Law Tribunal (NCLT) at Mumbai recently reaffirmed that insolvency proceedings against personal guarantors under the Insolvency and Bankruptcy Code can be initiated even if no CIRP is pending against the corporate debtor, relying on the Supreme Court's ruling in State Bank of India v. Mahendra Kumar Jajodia(2022). A coram of Judicial Member Sushil Mahadeorao Kochey...

Madras High Court Strikes Down Wrongful Copyright Entry Over 'Sagar Homeo Stores' Logo

The Madras High Court has ordered the cancellation of a copyright entry that wrongly gave a rival businessman ownership of the artistic logo used by the long-established “Sagar Homeo Stores,” holding that the record had been incorrectly created despite the store's earlier trademark and copyright registrations. A single bench of Justice N Senthilkumar passed the order on November 28,...

Sales Tax Discharged At NPV Under State Incentive Scheme Not Addable To Transaction Value For Excise Duty: CESTAT Mumbai

The Customs, Excise & Service Tax Appellate Tribunal (CESTAT), Mumbai has held that sales tax deferred under a State incentive scheme and later discharged at Net Present Value (NPV) cannot be treated as “sales tax not paid” for the purpose of including it in the transaction value for levy of Central Excise duty. A Division Bench of C.J. Mathew (Technical Member) and Ajay...

Revisional Power U/S 263 Income Tax Act Cannot Be Upheld By Tribunal On Grounds Not Taken By Commissioner: Kerala High Court

The Kerala High Court has held that a tribunal cannot travel beyond the grounds not cited by the commissioner while exercising jurisdiction under Section 263 Income Tax Act.Justices A. Muhamed Mustaque and Harisankar V. Menon stated that only one reason was highlighted by the Commissioner for exercising the power under Section 263 of the Act and the Tribunal having found the said reason as not...

Statutory Remedy Under Cooperative Societies Act Inapplicable When Arbitration Clause Exists: Karnataka High Court

The Karnataka High Court has reiterated that if an arbitration clause were to exist in an agreement between the parties and the dispute were required to be adjudicated by way of arbitration, then the statutory requirement under the Cooperative Societies Act would not apply.Justice Suraj Govindaraj said this while allowing the petition filed by Ramakrishna House Building, which had approached...

NCLAT Reserves Orders On CCI's Plea To Extend Privacy Consent Safeguards To WhatsApp Advertising Data

The National Company Law Appellate Tribunal (NCLAT) on Tuesday reserved orders on the Competition Commission of India's plea seeking clarification of its November 4 judgment that struck down the five-year bar on WhatsApp sharing user data with Meta for advertising, after the CCI argued that the tribunal's own reasoning mandated a uniform consent framework covering both advertising...

Centre Defends GST Hike On Coal, Says It Cuts Power Generation Cost By 17–18 Paise/Unit

The Centre in response to estimated impact of GST reforms on domestic coal producers and import substitution, has clarified that by increasing GST rate on coal from 5% to 18%, the inverted duty structure has been corrected.“GST has rationalized the tax burden across various coal grades, as the previous GST regime led to higher effective tax incidence on low grade coal and low...

DGFT Allows Personal Carriage Of Gems & Jewellery Parcels Through Ahmedabad Airport Under FTP 2023

The Directorate General of Foreign Trade (DGFT), Ministry of Commerce & Industry, has amended Paragraphs 4.87(a) and 4.88 of the Handbook of Procedures (HBP) 2023 under the Foreign Trade Policy (FTP) 2023. The amendment now allows import and export of gems and jewellery parcels for personal carriage through Ahmedabad Airport, in addition to the previously listed international airports such...

NCLT Mumbai Upholds IL&FS' Power To Raise Price of Its BKC Headquartes, Rejects Chronos' Plea To Enforce ₹1,080-Crore LoI

The National Company Law Tribunal (NCLT) at Mumbai has recently held that IL&FS was contractually empowered to unilaterally amend the Letter of Intent and increase the bid consideration for the sale of its iconic IL&FS Financial Centre in Bandra Kurla Complex, Mumbai refusing to compel execution of the definitive agreement at the originally approved value of Rs 1,080 crore. The...

Extended Limitation Cannot Be Invoked Without Proof Of Intent To Evade: CESTAT Delhi Sets Aside Service Tax Demand On Car Parking Charges

The Customs, Excise & Service Tax Appellate Tribunal (CESTAT), Principal Bench, New Delhi has held that the extended period of limitation under the proviso to Section 73(1) of the Finance Act, 1994 cannot be invoked in the absence of clear evidence of suppression of facts with intent to evade service tax. A Division Bench comprising Justice Dilip Gupta (President) and P.V. Subba...

Centre Expands Collateral-Free MSME Financing To ₹10 Crore Under Revamped CGS; Clarifies Subsidy, Equity Support Figures

The Central Government in response to details of financial support and credit facilitation for the Micro, Small and Medium Enterprises (MSMEs) has clarified that effective April 01, 2025, the Ministry of MSME has expanded collateral-free financing by enhancing CGS coverage up to Rs. 10 crores with reduced guarantee fees. Under the credit-linked subsidy schemes, tabulated...

Delhi High Court Upholds Rejection Of Patent For Amylin and AstraZeneca's Sustained-Release Diabetes Injection

The Delhi High Court has upheld the Patent Office's refusal to grant Amylin Pharmaceuticals and AstraZeneca Pharmaceuticals a patent for their sustained-release exenatide injection for diabetes, ruling that the formulation was 'obvious' from existing science and lacked the inventive step required for protection. A single bench of Justice Tejas Karia in an order dated November 24 said that...