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1. NCLAT rejects Noida & Greater Noida authorities' plea for secured creditor status in Shubhkamna Buildtech case

NCLAT rejects Noida & Greater Noida authorities' plea for secured creditor status in Shubhkamna Buildtech case

NCLAT rejects Noida & Greater Noida authorities' plea for secured creditor status in Shubhkamna Buildtech case - Litigation - 3 min read NCLAT rejects Noida & Greater Noida authorities' plea for secured creditor status in Shubhkamna Buildtech case The NCLAT has rejected the claims of Noida and Greater Noida authorities as secured creditors. The 2026 IBC amendment has clarified that only agreements can create security interests, leaving statutory charges out of the equation. Consequently, homebuyers are relieved from any further payments under the approved resolution plan, with the tribunal maintaining the unsecured creditor status of the authorities. NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has dismissed appeals by the Noida and Greater Noida industrial development authorities seeking secured creditor status in the insolvency case of realty firm Shubhkamna Buildtech. A two-member bench of the appellate tribunal held that a 2026 amendment to the Insolvency and Bankruptcy Code (IBC) bars such claims based on statutory charges, and upheld the earlier classification of New Okhla Industrial Development Authority (NOIDA) and Greater Noida Industrial Development Authority (GNIDA) as unsecured operational creditors. Both authorities had challenged a 2022 order of the National Company Law Tribunal (NCLT) approving the Resolution Plan for Shubhkamna Buildtech. NOIDA claimed dues of Rs 99.32 crore, against which the Plan provided Rs 25 crore, while GNIDA claimed Rs 60.64 crore, against which the Plan provided Rs 18.5 crore. The authorities had relied on the Supreme Court's rulings in State Tax Officer vs Rainbow Papers Ltd and Greater Noida Industrial Development Authority vs Prabhjit Singh Soni, which had recognised statutory charges as conferring secured creditor status in certain insolvency cases.

2. Namal Rajapaksa bail hearing deferred in Sri Lanka Airbus corruption case

Namal Rajapaksa bail hearing deferred in Sri Lanka Airbus corruption case Namal Rajapaksa bail hearing deferred in Sri Lanka Airbus corruption case A Colombo court deferred Namal Rajapaksa's bail hear

3. CCI clears Mittal-Poonawalla acquisition of Rajasthan Royals, Paarl Royals and Barbados Royals

CCI clears Mittal-Poonawalla acquisition of Rajasthan Royals, Paarl Royals and Barbados Royals - Regulators - 2 min read CCI clears Mittal-Poonawalla acquisition of Rajasthan Royals, Paarl Royals and

CCI clears Mittal-Poonawalla acquisition of Rajasthan Royals, Paarl Royals and Barbados Royals

CCI clears Mittal-Poonawalla acquisition of Rajasthan Royals, Paarl Royals and Barbados Royals - Regulators - 2 min read CCI clears Mittal-Poonawalla acquisition of Rajasthan Royals, Paarl Royals and Barbados Royals CCI has approved three significant combinations involving the acquisition of professional cricket franchises, an additional stake in renewable energy company Azure Power Global Limited, and a transaction involving electrical products maker Great White Global Private Limited. On Thursday, the Competition Commission of India (CCI) approved the acquisition of three professional cricket franchises including Rajasthan Royals in India, Paarl Royals in South Africa and Barbados Royals in Barbados by Westview Cricket Limited and Poonawalla Sports and Fitness. The proposed combination involves the acquisition of the three franchises, which are held through a Mauritius-based corporate structure. EM Sporting Holdings Limited is the holding company for Royal Multisport Private Limited, Paarl Royals Limited and Barbados Royals Limited. Royal Multisport owns and operates the Rajasthan Royals franchise, which participates in the Indian Premier League. The transaction follows an agreement announced in May 2026 involving a consortium led by the Mittal family and Adar Poonawalla. The overall transaction was reported at an enterprise value of approximately USD 1.65 billion and includes the Rajasthan Royals IPL franchise and its associated franchises in South Africa and the Caribbean. The CCI had sought additional information from the parties in August in relation to the proposed transaction.

4. Kuku Technologies gets Sebi approval for proposed IPO

Kuku Technologies gets Sebi approval for proposed IPO - Corporate & Business - 2 min read Kuku Technologies gets Sebi approval for proposed IPO Kuku will now file an updated prospectus with Sebi in th

5. Delhi High Court says payments to overseas units aren't automatically taxable in India

Delhi High Court says payments to overseas units aren't automatically taxable in India

Delhi High Court says payments to overseas units aren't automatically taxable in India NEW DELHI: Payments made by Indian companies to overseas entities are not automatically taxable in India, the Delhi High Court has ruled in a case involving Israeli drugmaker Teva and erstwhile Ranbaxy Laboratories. The ruling may give multinational companies greater certainty on the tax treatment of payments from Indian entities, particularly where the underlying transaction and income-generating activity are overseas. It may also help foreign companies challenge similar tax demands and seek refunds where no Indian tax liability exists. In a 15 September judgment, a bench comprising Justices Dinesh Mehta and Vinod Kumar held that Teva Israel was entitled to a refund of about ₹783 crore, along with applicable interest. The court found that payments received from Ranbaxy did not accrue or arise in India and were linked to the US market. “The ruling significantly narrows the ability to tax non-residents merely because an Indian resident makes the payment,” said Dipesh Jain, partner at Economic Laws Practice. The dispute involved payments made by Ranbaxy, now merged with Sun Pharmaceutical Industries Ltd, to Teva Israel under a 2011 settlement relating to the US launch of generic atorvastatin. The tax department argued that the payments were taxable in India because they were made by an Indian company. Teva maintained that the income was linked to activities and rights in the US.

1. Abdul Rajik vs. State of M.P. (16.09.2026 - SC)(MANU/SC/1034/2026)

The Supreme Court of India addressed the appeals of Abdul Rajik and Govind against their convictions under the NDPS Act for possession of charas. The core issue was whether the prosecution had establi

2. Vinit Kumar and Ors. vs. State of U.P. and Ors. (16.09.2026 - SC)(MANU/SC/1032/2026)

The Supreme Court of India addressed the challenge by Vinit Kumar and others against the selection process for Technician Grade-2 (Trainee) Electrical posts by the Uttar Pradesh Power Corporation Limi

3. Regional Provident Fund Commissioner-II vs. Mamta Binani and Ors. (10.09.2026 - SC)(MANU/SC/1031/2026)

The Supreme Court of India addressed whether the National Company Law Appellate Tribunal (NCLAT) erred in dismissing an appeal by the Regional Provident Fund Commissioner-II against Mamta Binani and o

4. Jaya Thakur vs. Government of India and Ors. (01.09.2026 - SC)(MANU/SC/1030/2026)

The Supreme Court of India addressed the issue of compliance with its previous directions regarding menstrual hygiene management in schools, involving Jaya Thakur and the Government of India. The cour

5. Bharat Raj Meena vs. Central Bureau of Investigation (16.09.2026 - SC)(MANU/SC/1029/2026)

The Supreme Court of India addressed the appeals of Bharat Raj Meena against the Central Bureau of Investigation concerning allegations of corruption during his tenure as Divisional Security Commissio

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