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Supreme Court Allows Appeal of SBI Consortium in Corporate Guarantee Dispute Under IBC. Corporate Guarantees Executed by Corporate Debtor Constitute Financial Debt Under Section 5(8) of IBC, 2016, and Are Enforceable Despite Timing and Stamping Objections.

The Supreme Court allowed the appeal filed by the Appellant Consortium against the order of the National Company Law Appellate Tribunal (NCLAT) which ...

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Bombay High Court Quashes Reassessment Notice Under Section 148 of Income Tax Act, 1961 for Lack of Fresh Material. Reopening Based on Mere Change of Opinion Without New Tangible Material is Invalid.

The petitioner, Everest Kanto Cylinder Ltd., a public limited company, filed its return of income for Assessment Year 2016-17 on 30 November 2015. The...

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Supreme Court Allows Appeal in Mediclaim Policy Renewal Dispute — Insurer Must Disclose Material Changes in Coverage at Renewal. Renewal of Insurance Policy is Not a Fresh Contract; Insurer Owed Duty to Inform Insured of Restrictive Terms Under Principle of Utmost Good Faith.

The appellants, Jacob Punnen and his wife, held a Mediclaim policy with United India Insurance Co. Ltd. since 1982, renewed annually. In March 2008, t...

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Supreme Court Upholds Designated Authority's Termination of Anti-Dumping Investigation Due to Insufficient Data Period. Causal Link Between Dumped Imports and Injury Not Established, High Court's Substitution of Findings on 'Like Article' Exceeded Judicial Review.

The appeals arose from a challenge by the Designated Authority (DA) and the Central Government against three orders of the Telangana High Court concer...

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Supreme Court Upholds Constitutional Validity of Section 43B(f) of Income Tax Act — Leave Encashment Deduction Allowed Only on Actual Payment. Clause (f) is not arbitrary or violative of Article 14 as it serves a legitimate purpose of preventing abuse and ensuring employee welfare.

The Supreme Court in this appeal considered the constitutional validity of clause (f) of Section 43B of the Income Tax Act, 1961, which was inserted b...

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Bombay High Court Considers Maintainability of Commercial Appeals Against Interim Orders in Trademark Infringement Suits. Preliminary Objection Raised That Orders Impugned Do Not Fall Within Appealable Categories Under Section 13(1A) of Commercial Courts Act, 2015 as Amended.

These two commercial appeals were filed by the original defendants in intellectual property suits pending before the Bombay High Court. The suits, ins...

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Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Failure to Disclose — Reassessment Beyond Four Years Invalid Without Allegation of Non-Disclosure

The petitioner, DIL Ltd., challenged a notice dated 8 March 2011 issued under Section 148 of the Income Tax Act, 1961, seeking to reopen the assessmen...