Corporate Law

Provident fund, pension and gratuity dues occupy a distinct position in an insolvency. Under Section 36(4)(a)(iii) of the Insolvency and Bankruptcy Code, 2016 (IBC), sums due to workmen and employees from these funds are excluded from the liquidation estate altogether. They are not a high-ranking claim inside the Section 53 waterfall; they sit outside it. The Supreme Court's order of August 31, 2026 in State Bank of India v. Manoj Kumar Das, arising from the Jet Airways liqui

Background and Facts The Supreme Court on September 6, 2026 held that time extension charges levied by a development authority for a developer's delay are penal in character and cannot be loaded into the insolvency resolution process costs of the corporate debtor. The judgment in The Authorised Representative for Granite Gate Properties Private Limited v. M/s New Okhla Industrial Development Authority and Others is reported as 2026 INSC 952. Granite Gate Properties Private Li

Background and Facts A three-judge bench of the Supreme Court on August 31, 2026 declined to interfere with an order of the National Company Law Appellate Tribunal (NCLAT) in State Bank of India and Others v. Manoj Kumar Das and Others [Civil Appeal Nos. 10778-10780 of 2026], leaving intact the finding that provident fund, pension and gratuity dues of former Jet Airways employees fall outside the liquidation estate of the corporate debtor. Jet Airways (India) Limited was admi

When a Corporate Insolvency Resolution Process (CIRP) fails to produce an approved resolution plan, the company enters liquidation under Section 33 of the Insolvency and Bankruptcy Code, 2016 (IBC). Liquidation does not always mean piecemeal asset stripping. Under Regulation 32(e) of the IBBI (Liquidation Process) Regulations, 2016, the liquidator can sell the corporate debtor as a going concern, preserving the business, its workforce, and its enterprise value. This guide wal

Background and Facts The National Company Law Appellate Tribunal (NCLAT), New Delhi, on September 3, 2026, partly allowed an appeal by Ravikumar Gaurishankar Patel, the successful auction purchaser of Talwalkars Better Value Fitness Ltd., and granted several reliefs to give effect to the Rs. 15 crore going-concern sale of the company during liquidation. Talwalkars Better Value Fitness Ltd., a well-known fitness chain, was admitted into the Corporate Insolvency Resolution Proc

Background and Facts The National Company Law Appellate Tribunal (NCLAT), New Delhi, in Somani Worsted Limited v. Amit Aggarwal, RP of Celebration City Projects Private Limited [Company Appeal (AT) (Ins.) No. 150 of 2026, decided on September 1, 2026] addressed a key question: can a Resolution Professional (RP) revisit and reject a claim that was previously admitted during the Corporate Insolvency Resolution Process (CIRP)? The case arose from the CIRP of Celebration City Pro

The Insolvency and Bankruptcy Code (Amendment) Act 2026 has fundamentally changed how parties can withdraw from an admitted Corporate Insolvency Resolution Process (CIRP). The substituted Section 12A narrows the withdrawal window to a single phase: after the Committee of Creditors (CoC) is constituted but before the Resolution Professional issues the first invitation for resolution plans in Form G. This guide walks through each step of the withdrawal process under the new fra

The Reserve Bank of India (RBI), through A.P. (DIR Series) Circular No. 19 dated July 17, 2026, has consolidated and rationalized the regulatory framework governing Special Rupee Vostro Accounts (SRVAs) used for settlement of cross-border trade transactions in Indian Rupees. The circular supersedes five earlier circulars issued between July 2022 and October 2025, bringing the entire SRVA regime under a single, updated set of instructions effective immediately. What Are Specia

The National Company Law Appellate Tribunal (NCLAT) at Delhi has delivered one of the first significant rulings interpreting the substituted Section 12A of the Insolvency and Bankruptcy Code (IBC) as amended by the IBC Amendment Act 2026. The tribunal has confirmed that withdrawal from a Corporate Insolvency Resolution Process (CIRP) is now barred during two distinct phases: before the Committee of Creditors (CoC) is constituted and after the Resolution Professional issues th

Form AOC-4 is the statutory form under Section 137 of the Companies Act, 2013 through which every company files its financial statements with the Registrar of Companies (RoC). For the financial year ending March 31, 2026 (FY 2025-26), MCA has deployed revised AOC-4 e-forms on the V3 portal with effect from July 14, 2025, introducing mandatory CSR-2 linked filing, new Board's Report disclosures on POSH and maternity benefits, and signed PDF requirements for XBRL filers. This g

The Reserve Bank of India on April 27, 2026 issued the final RBI (Expected Credit Loss Framework for Scheduled Commercial Banks) Directions, 2026, mandating all Scheduled Commercial Banks (excluding Regional Rural Banks, Small Finance Banks, and Payments Banks) to transition from the current incurred-loss provisioning model to a forward-looking Expected Credit Loss (ECL) approach with effect from April 1, 2027. The Directions represent the most significant change to Indian ba

The Reserve Bank of India announced the early closure of its special Foreign Currency Non-Resident (Banks) deposit swap window on August 31, 2026, advancing the deadline by a full month from the originally announced September 30, 2026 cutoff. The facility, which permitted banks to raise FCNR(B) deposits of 3 to 5 year tenors from NRI depositors and swap the resulting foreign currency exposure with the RBI at concessional rates, attracted $52.3 billion in deposits by August 13

The Insolvency and Bankruptcy Board of India (IBBI) notified the Pre-Packaged Insolvency Resolution Process (Second Amendment) Regulations, 2026 on 19 May 2026, introducing significant changes to valuation procedures, timeline discipline, and eligibility for pre-packaged insolvency resolution. These amendments follow the Insolvency and Bankruptcy Code (Amendment) Act, 2026, which received Presidential assent in April 2026 and came into force on 19 May 2026, expanding the PPIR

The Reserve Bank of India has issued the Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026 (Notification No. FEMA 3(R)(5)/2026-RB, dated 9 February 2026), effective from 16 February 2026. This amendment substantially revises the framework governing External Commercial Borrowings (ECBs), consolidating eligibility, end-use, maturity, cost, security, refinancing, conversion, and reporting requirements into a more structured regime. The chang

Tag-along and drag-along rights are among the most commercially significant provisions in any shareholders' agreement (SHA). They govern what happens when one shareholder wants to sell their stake to a third party, and their design directly affects the balance of power between majority and minority shareholders. This guide walks through the key considerations and drafting steps for both clauses under Indian law. Understanding the Two Rights Tag-Along Right (Co-Sale Right) A t