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Supreme Court Upholds NCLAT Decision on Mandatory 75% Voting Share for Resolution Plan Approval Under I&B Code. Financial Creditors' Rejection of Resolution Plan for Kamineni Steel & Power India Pvt. Ltd. and Innoventive Industries Ltd. Leads to Liquidation as Plan Did Not Garner Required Majority.

The Supreme Court of India heard appeals arising from a common judgment of the National Company Law Appellate Tribunal (NCLAT) dated 6 September 2018,...

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Bombay High Court Allows CSR Expenditure Deduction Under Section 37(1) of Income Tax Act, 1961 — CSR Expenditure Held to Be Incurred Wholly and Exclusively for Business Purposes. Reassessment Notice Under Section 148 Quashed as Based on Change of Opinion.

The petitioner, Voltas Limited, a company engaged in air conditioning and refrigeration business, filed its return of income for Assessment Year 2015-...

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Bombay High Court Allows Default Bail to Accused in Murder Case Due to Non-Completion of Investigation Within 90 Days. Right to Default Bail Under Section 167(2) CrPC Not Defeated by Subsequent Filing of Charge Sheet.

The petitioners, Dattatraya Ankush Pathade and Sonali Satish Wakade, were arrested in connection with Crime No.416 of 2020 registered at Shrigonda Pol...

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High Court of Karnataka Allows Revision Petitions in VAT Reassessment Cases — Reassessment Orders Set Aside for Non-Compliance with Section 39(1) of KVAT Act, 2003. Mandatory Pre-Decision Hearing Requirement Not Waived Despite Assessee's Participation in Subsequent Proceedings.

The judgment concerns five revision petitions filed under Section 65(1) of the Karnataka Value Added Tax Act, 2003 (KVAT Act) against orders of the Ka...

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Bombay High Court Dismisses Appeal Against Official Liquidator's Decision to Sell Company Assets as a Going Concern. Court Upholds Liquidator's Discretion Under Companies Act, 1956 to Reject Private Offers and Proceed with Public Auction for Maximizing Value.

The case involves a Company Appeal filed by the legal heirs of Umashankar Saraf and other family members against the Official Liquidator of M/s. Rai B...

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Bombay High Court Dismisses Appeals by Cooperative Bank Against Appointment of Bank Inspector. Appointment Under Section 79 of Maharashtra Co-operative Societies Act, 1960 Is Administrative, Not Quasi-Judicial, and Writ Petition Not Maintainable Due to Alternative Remedy Under Section 152.

The case involves three Letters Patent Appeals filed by Pune District Central Co-operative Bank Ltd. against orders of a Single Judge dismissing its w...