LiveLawBiz: Corporate Legal News Daily Round-Up: October 16, 2026

IBCDirectors Cannot Evade Liquidation Duties By Claiming One Director Managed Company Affairs: NCLT KochiNCLT Kochi Rejects EPFO's ₹59.46 Lakh Claim Against Peejay Agro Foods Over Uncrystallised DuesNCLT Must Assess Prospects Of Recovering Arbitral Claim Before Ordering Liquidation: NCLATNCLT Bengaluru Says Govt. Companies Subject To IBC, Admits CIRP Against Karnataka Food CorporationIPRMadras High Court Sets Aside Refusal To Register Exponent Energy's 'EXPONENT' TrademarkMadras High Court...

Gujarat High Court Quashes ₹43.43 Crore GST Demand Against Amul

The Gujarat High Court has recently quashed an IGST demand of ₹43.43 crore against Gujarat Co-operative Milk Marketing Federation Limited, popularly known as Amul. The court held that failure to allocate common expenses to branches through cross-charging does not, by itself, establish fraud or suppression of facts to evade GST.A Division Bench of Justice A.S. Supehia and Justice Vaibhavi D. Nanavati ruled that the tax authorities had failed to establish the conditions required to invoke Section...

ED Must First Prove FERA Violation Before Shifting Burden Of Proof To Accused: Delhi High Court

The Delhi High Court has ruled that the Enforcement Directorate must first establish that a person committed an act requiring permission under the Foreign Exchange Regulation Act (FERA) before the burden shifts to that person to prove they had the requisite permission.A Division Bench of Justice Navin Chawla and Justice Ravinder Dudeja held that the Department had failed to prove that Laxman T. Advani had dealt in foreign currency. The court dismissed the Union government's appeal against the...

Borrowers Cannot Bypass SARFAESI Pre-Deposit Requirement By Challenging Original NPA Classification: Karnataka High Court

The Karnataka High Court has recently ruled that borrowers cannot use a fresh writ petition to circumvent the statutory pre-deposit requirement for appeal under the SARFAESI Act. The bench held that borrowers cannot reopen recovery proceedings by challenging the original classification of their loan accounts as non-performing assets (NPAs) after their statutory appeal fails for non-compliance with the pre-deposit requirement.A division bench of Chief Justice Vibhu Bakhru and Justice K.S....

Supreme Court Grants Bail To Sahara Group Functionary In ₹76 Crore Money Laundering Case

The Supreme Court on Friday granted bail to Anil Vailaparampil Abraham, a former senior functionary of the Sahara Group, in a money laundering case linked to the alleged diversion of ₹76.29 crore in connection with the sale of Sahara Prime City property in Berhampur, Odisha. The Calcutta High Court on July 24, 2026 dismissed the bail plea, holding that Abraham failed to satisfy the twin conditions under Section 45 of the Prevention of Money Laundering Act. It observed that the petitioner's...

Supreme Court Refuses To Direct IDBI Bank To Honour ₹8.7 Crore Bank Guarantee To CTUIL

The Supreme Court on Friday refused to interfere with the Delhi High Court's division bench order declining to direct IDBI Bank Limited to release ₹8.7 crore to the Central Transmission Utility of India Limited (CTUIL) under a bank guarantee.The Delhi High Court on July 1, 2026 dismissed an appeal filed by Central Transmission Utility of India Limited (CTUIL) challenging a Single Judge's order dated March 19, 2026, which declined to direct IDBI Bank Limited to release ₹8.7 crore under a bank...

LiveLawBiz: Corporate Legal News Daily Round-Up: October 15, 2026

IBCNCLAT Stays Insolvency Proceedings Against Polycab IndiaNCLT Chennai Approves Pothys Retail's ₹43.02 Crore Resolution Plan For Arihant RetailNCLAT Delhi Upholds CIRP Against Shri Paramsukh Edible Foods Based On GST Credit And TDS RecordsProfitable Companies Can Face Insolvency Proceedings If They Default On Loans: Supreme CourtTAXBombay High Court Upholds Tata Chemicals' Tax Deduction For Non-Compete Fee Paid To Former EmployeeGSTAT Delhi Directs Builder To Pay ₹31.20 Lakh To 66 Homebuyers...

Yes Bank's ₹8,415 Crore AT-1 Bond Write-Down After Reconstruction Scheme Took Effect Was Illegal: Supreme Court

The Supreme Court on Thursday held that the Administrator of Yes Bank could not write down ₹8,415 crore worth of Additional Tier-1 (AT-1) bonds after the bank's reconstruction scheme came into force. The court ruled that the requirement to write down the bonds “before reconstitution” meant before the scheme took effect. “Had the intention been otherwise, the clause ought to have read 'before reconstitution is complete',” a bench of Justices Dipankar Datta and Augustine George Masih observed. It...

Profitable Companies Can Face Insolvency Proceedings If They Default On Loans: Supreme Court

The Supreme Court on Thursday held that a company's profitability does not prevent insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). A financial default, rather than commercial or balance-sheet insolvency, triggers the Corporate Insolvency Resolution Process (CIRP).“Profitability is neither legally relevant to, nor economically probative of, the capacity to service debt. The Code proceeds upon the principle of timely intervention rather than terminal insolvency, and adopts...

BREAKING | Yes Bank AT-1 Bond Write-Off: Supreme Court Refuses To Interfere With Bombay High Court Order Quashing It

The Supreme Court on Thursday refused to interfere with the Bombay High Court's order quashing Yes Bank's decision to write off Additional Tier 1 (AT-1) bonds worth ₹8,415 crore in March 2020, leaving the High Court's ruling in favour of the bondholders undisturbed.A Division Bench of Justices Dipankar Datta and A.G. Masih pronounced the judgment in appeals challenging the Bombay High Court's order quashing the write-off of the bonds and the communication issued by Yes Bank's Administrator on...

“Have To Draw Some Line”: Delhi High Court To Examine Scope Of Personality, Publicity Rights Amid Rising Suits

The Delhi High Court on Thursday observed that it needs to draw clear boundaries around personality rights and publicity rights, noting that the two are increasingly claimed together in lawsuits and that some claims extend to defamation, caricatures, and independent creative works.Justice Purushaindra Kumar Kaurav made the observation while hearing actor Rakesh Bedi's suit seeking protection of his personality rights.“Therefore, we have to draw some line,” the court observed, calling for...

Kerala High Court Dismisses Ex-CM Pinarayi Vijayan's Plea To Appeal Against FIR Direction In CMRL-Exalogic Case

The Kerala High Court on Thursday dismissed the leave petitions filed by former Chief Minister Pinarayi Vijayan, his daughter Veena Vijayan and former Minister Mohammed Riyas, seeking permission to appeal against a Single Bench order directing the registration of an FIR against them in the CMRL Exalogic case.On October 9, a Single Judge Bench of Justice A. Badharudeen directed the registration of an FIR against Pinarayi Vijayan, Veena Vijayan, and Mohammed Riyas over alleged offences under the...