Author: Legal Parivar

The Supreme Court of India dismissed the appeals filed by M/s Shri Karshni Alloys Private Limited challenging the National Company Law Appellate Tribunal (NCLAT) majority decisions in the liquidation proceedings of M/s Surana Industries Limited. The bench of Justices Sanjay Kumar and Alok Aradhe upheld the forfeiture of amounts paid by the appellant for the purchase of assets at Raichur, Karnataka. Background The corporate insolvency resolution process (CIRP) against Surana Industries was initiated in January 2018, with liquidation commencing in October 2018. The company owned assets in Gummidipoondi, Tamil Nadu, and Raichur, Karnataka. While the Gummidipoondi assets were sold, the…

Case: DIT (IT)-I, Mumbai v. American Express Bank Ltd. (with CIT v. Oman International Bank)Citation: 2025 INSC 1431 The Supreme Court has clarified the scope of Section 44C of the Income-tax Act, 1961, ruling that foreign head‑office expenses of non-resident banks—whether common or incurred exclusively for Indian operations—are subject to the statutory ceiling. Background American Express Bank and Oman International Bank, both non-resident banks with branches in India, sought deductions under Section 37(1) for expenses incurred at their overseas head offices exclusively for Indian branch operations (e.g., NRI deposit solicitation, travel, audits, and certifications). Assessing Officers capped these deductions under…

Case: TANGEDCO v. Penna Electricity Ltd.Citation: 2025 INSC 1439 The Supreme Court has delivered a significant ruling in TANGEDCO v. Penna Electricity Ltd., conclusively settling a long-standing issue in power-sector tariff disputes: whether electricity generated continuously from an open-cycle gas turbine before combined-cycle commissioning should be treated as “firm power” entitled to fixed charges, or merely “infirm power” payable only at variable fuel rates. Background and Nature of the Dispute Tamil Nadu Generation and Distribution Corporation Ltd. (TANGEDCO) entered into a Power Purchase Agreement (PPA) in 1998 with Penna Electricity’s predecessor for a diesel-based project. This PPA was comprehensively amended…

Citation: 2025 INSC 1403Case: Mukut Das v. Assam Power Generation Corporation Ltd. & Ors.Court: Supreme Court of IndiaDate of Judgment: 4 December 2025Bench: Justice Ahsanuddin Amanullah and Justice K. Vinod Chandran Background The appeals concerned employees of the Assam State Electricity Board and its successor companies who attained the age of superannuation (60 years) in March 2016. By virtue of Fundamental Rule 56(a), their retirement was extended to the afternoon of 31 March 2016. In 2017, the State notified the Assam State Electricity Board and its Successor Companies Revised Pay Rules, 2017, which applied revised pay scales to: The appellants…

Citation: 2025 INSC 1424Case: Radha Thevannoor v. M/s National Insurance Co. Ltd. & Ors.Court: Supreme Court of IndiaDate of Judgment: 8 December 2025Bench: Justice Ahsanuddin Amanullah and Justice K. Vinod Chandran Background of the Case The case arose out of a fatal road accident that occurred at around 2:30 a.m. on 17 November 2014 on a four-lane National Highway. The deceased, who was driving a car, died on the spot after colliding with a truck. The appellant, Radha Thevannoor, was the wife of the deceased. An FIR was registered based on the statement of the truck driver, alleging negligence on…

Background of the dispute BPL Limited purchased goods from BPL Display Device Ltd. (BDDL), but cash flow issues led both to seek a bill discounting facility from Morgan Securities via two sanction letters in 2002 and 2003, totalling about ₹12.5 crore. Under these, Morgan paid BDDL upfront against bills of exchange drawn on BPL, with BPL and BDDL jointly and severally liable, and a concessional interest of 22.5% p.a. that would revert to 36% p.a. with monthly rests on default. When defaults occurred and around ₹25.8 crore became due, Morgan invoked arbitration, and the sole arbitrator awarded the dues with…

IT services company Persistent Systems Ltd has announced an internal group restructuring involving the transfer of its overseas subsidiaries, according to a regulatory filing made on December 24, 2025. The company informed stock exchanges that it has executed a Share Purchase Agreement (SPA) as part of entity rationalisation and operational efficiency initiatives within the group. The restructuring involves the transfer of 100 percent shareholding in three overseas subsidiaries currently held by Persistent Systems Germany GmbH. As per the agreement, Persistent Systems Costa Rica Limitada will be transferred to Persistent Systems Inc., USA, while Persistent Systems Switzerland AG and Persistent Systems…

The Navi Mumbai International Airport (NMIA) commenced commercial operations on Thursday, marking the opening of Mumbai’s second major airport and easing pressure on the city’s primary aviation hub after years of delays. On the launch day, four airlines—IndiGo, Air India Express, Akasa Air, and Star Air—are operating around 30 domestic flights, connecting NMIA to nine destinations across the country. The first scheduled arrival is an IndiGo flight from Bengaluru, expected to land at 8:00 am, while the first departure will also be an IndiGo service to Hyderabad at 8:40 am. IndiGo, the largest operator at NMIA, has rolled out the…

Spices manufacturer Shyam Dhani Industries received an overwhelming response to its initial public offering, which closed on December 24, the final day of bidding, with a subscription of 918.12 times. Meanwhile, the IPOs of Sundrex Oil Company, EPW India, and Dachepalli Publishers also crossed the subscription mark on the last day. All four companies are scheduled to finalise share allotments by December 26, with their equity shares set to list on the stock exchanges on December 30. During the three-day subscription window from December 22 to 24, investors placed bids for 361.55 crore equity shares in the Shyam Dhani Industries…

IndiGo on Wednesday announced that it has returned to flying more than one million passengers every three days, signalling full stabilisation of its operations ahead of the peak holiday travel season. The airline said its network has remained operationally steady since December 9, with IndiGo consistently operating between 2,100 and 2,200 flights daily across 138 destinations. Capacity has been added in a phased manner in line with government guidelines, while maintaining its on-time performance standards. An IndiGo spokesperson reiterated the carrier’s commitment to strengthening domestic and international connectivity, stating that the airline continues to focus on reliable operations for passengers.…