Regulatory Reporting by AIFs HO/19/28/(1)2026-AFD-SEC3/I/6176/2026,dated 4th March 2026,issued by SEBI 1. In terms of Regulation 28 of SEBI (Alternative Investment Funds) Regulations, 2012 (hereafter referred to as "AIF Regulations") read with Clause 15.1.1. of SEBI Master Circular for AIFs dated May 07, 2024, AIFs are required to submit activity reports to SEBI in the formats specified with respect to the activities carried on by the AIFs. 2. Presently all AIFs are required to submit report on their activity to SEBI on quarterly basis

Guidelines for Custodians HO/19/(1)2025-AFD-FPICELL/I/5928/2026,dated 4th March 2026,issued by SEBI 1. SEBI (Custodian) Regulations, 1996 (Custodian Regulations) were amended vide notification dated September 18, 2025. The amendment notification, inter alia, specified provisions related to net worth, rendering of financial services, obligations and responsibilities for Custodian. In this context, the specific conditions and modalities with respect to various provisions pertaining to Custodians are being prescribed by way of this Circular. 2. Segregation of activities 2.1. Regulation 9 (f) of Custodian Regulations specifies as under: "9.

Ease of Doing Investment (EoDI)- Disclosure of Registered Name and Registration Number by SEBI Regulated Entities and their Agents on Social Media Platforms (SMPs) HO/ (79)2026-MIRSD-PODMMC, dated 26th February 2026, issued by SEBI 1. All intermediaries registered under Section 12 of the Securities and Exchange Board of India Act, 1992 are required to abide by the code of conduct provided under respective regulations. 2. With the rapid increase in the use and acceptance of social

Valuation of physical Gold and Silver held by Mutual Fund Schemes HO/(68)2026-IMD-POD-2/I/5780/2026, dated 26th February 2026, issued by SEBI 1. As per the extant regulatory framework, physical Gold and Silver held by Gold and Silver Exchange Traded Funds (ETFs) is valued at AM fixing prices of London Bullion Market Association (LBMA). The final valuation is arrived at after adjusting the LBMA prices with necessary metric and currency conversions, addition of transportation costs, customs duty, applicable taxes and

Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) (Amendment) Regulations, 2026 F. No. IBBI/2025-26/GN/REG139, dated 25th February 2026, issued by IBBI In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations to further amend the Insolvency and Bankruptcy Board of India (Bankruptcy

Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process) (Amendment) Regulations, 2026 F. No. IBBI/2025-26/GN/REG138, dated 25th February 2026, issued by IBBI In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations to further amend the Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process) Regulations, 2021, namely: - 1.

Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2026 F. No. IBBI/2025-26/GN/REG137, dated 25th February 2026, issued by IBBI In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations to further amend the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, namely: - 1. (1) These

Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2026 F. No. IBBI/2025-26/GN/REG136, dated 25th February 2026, issued by IBBI In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations to further amend the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, namely: - 1. (1) These regulations

Revised Norms for Appointment of an Independent Third-party Reviewer/Certifier for Green Debt Security HO/17/11/24(1)2026-DDHS-POD1/I/5967/2026, dated 27th February 2026, issued by SEBI 1. During February 2023, SEBI undertook a review of the regulatory framework for green debt securities and modified the initial and continuous disclosure requirements for issue and listing of green debt securities, vide circular dated February 06, 20231. Such requirements were made applicable for issuances of green debt securities (proposed to be listed) with effect from

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2026 F. No. IBBI/2025-26/GN/REG135,dated 25th February 2026,issued by IBBI In exercise of the powers conferred by section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations to further amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, namely:- 1. (1) These regulations may be

Foreign Exchange Management (Export and Import of Currency) (Amendment) Regulations, 2026 F. No. FEMA 6 (R)/(5)/2026-RB, dated 23rd February 2026, issued by RBI In exercise of the powers conferred by clause (ga) of sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendments to the Foreign Exchange Management (Export and Import of Currency) Regulations, 2015 (Notification No. FEMA 6 (R)/RB-2015 dated December 29, 2015) (hereinafter referred to as

Companies Compliance Facilitation Scheme, 2026 General Circular No. 01/2026, dated 24th February 2026, issued by MCA The Companies Act, 2013 requires all companies to file the Annual Return and Financial Statements. Fees for filing such statements, documents, returns, etc. are governed by section 403 of the Companies Act, 2013 read with Companies (Registration Offices and Fees) Rules 2014. With effect from 1st July, 2018, an additional fee of Rs. 100/- day is applicable in respect of delay in filing annual returns

Forms for Registration of Stock Brokers and Clearing Members HO/38/11/(5)2026-MIRSD-POD/I/5130/2026, dated 17th February 2026, issued by SEBI 1. Under Schedule I of Securities and Exchange Board of India (Stock Brokers) Regulations, 1992 (repealed), the application forms for registration of stock broker and clearing member along with certificate of registration were specified. 2. SEBI (Stock Brokers) Regulations, 2026 provides that such form shall be specified by Board or recognised stock exchange. In view of the same, the application

Special Economic Zones (Amendment) Rules, 2026 G.S.R. 114(E),dated 3rd February 2026,issued by Ministry of Commerce and Industry In exercise of the powers conferred by section 55 of the Special Economic Zones Act, 2005 (28 of 2005), the Central Government hereby makes the following rules further to amend the Special Economic Zones Rules, 2006, namely: - 1. Short title and commencement. - (1) These rules may be called the Special Economic Zones (Amendment) Rules, 2026. (2) They shall come into force on the date of their

Review of Provisions related to Base Price and Price Bands for Exchange Traded Funds (ETFs) Dated 13th February 2026,issued by SEBI Objective: 1. The objective of this consultation paper is to seek public comments on the proposals on Base Price and Price Bands for Exchange Traded Funds (ETFs). Background: 2. ETF is a mutual fund scheme that invests in securities in the same proportion as an index of securities and the units of exchange traded fund are mandatorily listed and traded on exchange

Ease of Doing Business Measures - Relaxations in the Reporting Requirements for Stock Brokers Dated 13th February 2026,issued by SEBI 1. As part of enhanced supervision for Stock Brokers (“brokers”)/depository participants (DPs), SEBI Master Circular for Stock Brokers dated June 17, 2025 specifies that bank accounts and demat accounts maintained by all brokers shall have appropriate nomenclature to reflect the purpose for which those bank/demat accounts are being maintained. Further, it has been specified that brokers shall inform Stock Exchanges regarding

Strengthening Committee of Creditors’ Oversight and Procedural Clarity under CIRP Regulations, 2016 Dated 16th February 2026,issued by IBBI The Insolvency and Bankruptcy Board of India (“IBBI” or “the Board”) continuously reviews the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP Regulations”) with a view to addressing implementation challenges, removing procedural ambiguities, and enhancing the efficiency, predictability, and integrity of the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 (“IBC” or “the Code”). 2. Based on feedback received from

Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026 No. FEMA 3(R)(5)/2026-RB,dated 9th February 2026,issued by RBI In exercise of the powers conferred by sub-section (2) of section 6, sub- section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments to the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 (Notification No. FEMA 3(R)/ 2018-RB

Shri Deep Chandra Joshi, Member (Judicial) appointed Acting President, NCLT S.O. 786(E), dated 13th February 2026, issued by MCA Consequent on the completion of the term of Office of Justice (Retired) Ramalingam Sudhakar as President, National Company Law Tribunal (NCLT) on 13.02.2026, Shri Deep Chandra Joshi, Member (Judicial), the senior-most Member in NCLT, shall act as President, NCLT in terms of Section 415 (1) of the Companies Act, 2013 (18 of 2013) for the period from 14.02.2026 to 16.03.2026

Capacity Planning and Real Time Performance Monitoring Framework for Commodity Derivatives Segment of Market Infrastructure Institutions (MIIs) HO/47/13/14(1)2026-MRD-TPD1/I/4755/2026,dated 11th February 2026,issued by SEBI 1. Clause 16.1.2 of Chapter 16 of SEBI Master Circular for Commodity Derivatives segment dated August 04, 2023 stipulates the following with regard to capacity of the trading system of stock exchanges: - 16.1.2 The stock exchanges shall have arrangements, procedures and system capability to manage the load on their systems in such a manner so

For an account to be maintained by an account holder, it is essential that he is in a position to operate the account by either depositing monies therein or by withdrawing money therefrom and to give effective instructions to his banker with whom the account is maintained. Once the account has been attached by an order of the Court it cannot be said that ingredients of section 138 are not fulfilled Negotiable Instruments Act, 1881 – Section 138 – Dishonour of

A power of attorney holder or authorised person can file complaint and pursue it on behalf of the principal and in the name of actual owner or person they represent and not in their personal name. But it is not permissible in law to file complaint in his personal capacity Negotiable Instruments Act, 1881 – Section 138 – Dishonour of cheque – Complaint – Complainant filing a complaint against petitioner in his individual name without any authorisation or power

The target-discount scheme of the respondent does not amount to discriminatory or exclusionary pricing in contravention of clauses (a) and (b) of sub-section (2) of section 4 Clause (a) of sub-section (2) of section 4 implies that an abuse arises only where a dominant enterprise directly or indirectly imposes unfair or discriminatory price in purchase or sale. As the words “unfair or discriminatory” import a comparative enquiry, it must first be established that transactions which are materially equivalent have been

For a pre-existing dispute to be a ground to nullify an application under section 9, the dispute raised must be truly existing at the time of filing a reply to notice of demand as contemplated by sub-section (2) of section 8 Where demand notice issued by the operational creditor to the corporate debtor and second demand notice was clearly a novated demand notice with particulars of debt and default and date of default being at variance from the first demand

While the issuance of show cause notice (‘SCN’) is mandatory upon formation of a prima facie opinion, it is not necessary after receiving response to the SCN to escalate the verification to the DG for investigation Sub-section (1) of section 29 makes it mandatory to issue an SCN on the appreciable adverse effect on competition (‘AAEC’) noted from the proposed combination to the parties and received their response. At the same time with the receipt of the response or modification

Where Adjudicating Authority has not directed any investigation under section 213 but has forwarded the copy of the order to the Ministry of Corporate Affairs (‘MCA’) for taking such steps as may be necessary, direction issued by the Adjudicating Authority cannot be read to mean any direction to MCA or any other statutory authorities to carry out the investigation The Adjudicating Authority, while exercising jurisdiction under section 9 of the Insolvency and Bankruptcy Code, 2016, also exercise jurisdiction of the NCLT

Operational creditors cannot file joint application if amount jointly exceeds Rs. one crore While Legislature permitted financial creditors to jointly file application for insolvency resolution process, it has not permitted operational creditors to do this in a scheme under sections 8 and 9. It is not correct to contend that application can be jointly filed by the operational creditors if amount jointly due on the corporate debtor exceeds Rs. one crore. Each workman/employee is a different operational creditor and is required

Sub-section (4) of section 36, which relates to liquidation process, cannot be deemed to be incorporated or available for the purpose of deciding a plea under the insolvency resolution process. Therefore, plea of exclusion of the provident fund from the scope of Chapter II of the Code will have to be considered independently of clause (iii) of sub-section (4) of section 36 It would be correct to say that the provisions of sub-section (4) of section 36, which fall under

Where the application under section 12A was filed before the constitution of the committee of creditors in accordance with the procedure laid down in IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the Adjudicating Authority rightly held that the creditor has locus standi to file the application post the settlement and the application under section 12A filed by the insolvency resolution professional has a direct bearing on the interest of the creditor in relation to the corporate debtor Insolvency and

The criminal proceedings under section 138 of the Negotiable Instruments Act stand terminated in relation to the corporate debtor Insolvency and Bankruptcy Code, 2016 – Section 14 read with section 138 of Negotiable Instruments Act, 1881– Moratorium – Initiation of criminal proceedings for dishonour of cheque against corporate debtor – Criminal proceedings against corporate debtor – Is to be deferred till moratorium is lifted. When the corporate insolvency resolution process of the company is underway, the corporate debtor would be covered

Sub-section (1) of section 26 requires the Commission to form an opinion whether or not there exists a prima facie case for issuance of direction to the Director General to conduct an investigation. This section does not mention about issuance of any notice to any party before or at the time of formation of an opinion by the Commission on the basis of a reference or information received by it. Language of sub-section (4) of sections 3 and section 19

Where a conjoint reading of letter of authority, verifying affidavit and affidavit of evidence makes it clear that it has been categorically averred that the sole proprietor had duly authorised his manager to act on his behalf in view of the fact that he was in-charge of the firm and as such had personal knowledge of the facts of the matter, a peremptory quashing of the complaint case by the High Court on erroneous reasoning in exercise of its

This article explores directors’ fiduciary duties under the Companies Act, 2013 and Insolvency and Bankruptcy Code, 2016 in the “twilight zone” of insolvency and examine the behavioural and institutional factors influencing directors’ wisdom to initiate restructuring actions.

Both the Prevention of Money Laundering Act, 2002 (‘PMLA’) and the Insolvency and Bankruptcy Code, 2016 (‘the Code’) having a non-obstante clause makes it difficult to decide as to which one will prevail over the other. The Code operates in civil area of law while the PMLA deals in criminal field as money laundering is an economic offence against the public at large. There are various principles of law which favour the both but the main question that arises is

In this article, the author dwells on a question as to whether in relation to a petition complaining oppression/mismanagement under section 230 of the Companies Act, 2013, the affairs of the holding company cover affairs of a subsidiary company. He is of the view that having regard to the nature of the remedy provided by section 241 and the words used therein, it would seem that those against whom a complaint can be made must be in-charge of or responsible

In this article the author delves into a question as to whether directors of companies can be appointed by postal ballot.

In this article, the author gives an insight into the appointment of directors of companies under the provisions of the Companies Act, 2013.

The central thesis of this article is that MDPs can serve as the next frontier for India’s professional services industry, transforming it into a globally competitive ecosystem. However, this transition must be accompanied by thoughtful reforms and robust safeguards to balance growth, independence and public trust.

In this article, the authors give an insight into insider trading in the backdrop of legal framework, pitfalls and preventing measures. They are of the view that the effectiveness of the insider trading framework ultimately depends on behavioural discipline within organisations, adherence to governance norms and a culture that respects confidentiality as a fiduciary responsibility, not merely a statutory requirement.

In this article, the author throws light on ongoing CSR projects under section 135 of the Companies Act, 2013.

The Competition (Amendment) Act, 2023 has introduced a new concept called ‘settlement’ which is aimed at expeditious resolution of the disputes. Framework relating to the settlement has been brought into force with effect from 6th March, 2024. The Competition Commission of India has passed its first Settlement Order on 21st April, 2025. This article elaborates the provisions related to the settlement mechanism.

In this article, the author delves into question as to whether company can give loan to its managing/whole-time directors. He concludes that by applying this rule of statutory interpretation, it can be said that sub-section (2) of section 67 is a special provision and sub-section (3) of section 185 is a general provision and, hence, the former should give way to and prevail over the latter. Consequently, although clause (c) of sub-section (3) of section 185 permits giving of loans

This paper explores how the way Indian companies finance mergers and acquisitions has changed over time, moving steadily away from bank-driven models towards capital market solutions. In the early years, internal funds and traditional bank loans were the mainstay, but they soon proved inadequate to meet the growing scale and complexity of deals. As India liberalised, regulatory reforms under the Companies Act, SEBI’s frameworks, FEMA, and faster merger control processes created the space for market-led financing to thrive.

In this article the author delves into issue of financial claim against the corporate debtor which is not part of resolution plan. Having reviewed multiple rulings of High Courts and the Supreme Court, he concludes that neither any proceeding can be initiated nor continued in respect of claims, which are not a part of the resolution plan nor any fresh claims can be lodged or enforced after the approval of the resolution plan against a corporate debtor.

One of the anti-trust practices prohibited under the Competition Act, 2002 (‘the Act’) is “abuse of dominant position”. Section 4 of the Act prohibits an enterprise or group from abusing its dominant position. If a dominant enterprise or the group indulges in any of the practices listed under clause (a) of sub-section (2) of section 4 to clause (e) of sub-section (2) of section 4, it is treated as abuse of dominance. A plain reading of section 4 gives an

In this article the authors analyse in depth cross-border investments.

This article explores unicorn governance through the lens of agency, stewardship and stakeholder theories, showing how founder dominance, investor conflicts and weak transparency shape outcomes. Case studies of Byju’s, Zomato, WeWork, Infosys and Razorpay illustrate how governance failures can destroy trust while early reforms can build credibility. A comparative review of India, the United States and the United Kingdom highlights different approaches, with India’s reactive stance leaving gaps during the critical private phase. The study argues that unicorns require tailored

In this article the author discusses in depth ruling of the Supreme Court in Chief Commissioner of Central Goods and Services Tax v. Safari Retreats (P.) Ltd. [Civil Appeal No. 2948 of 2023, dated 3rd October, 2024] dealing with the issue of whether input tax credit can be claimed against the use of goods and services in the construction of property and further dealt with the constitutionality of the exceptions mentioned in section 17 of the CGST Act, 2017.

In this article, the author sets out decisions of the Nagpur Bench and Bombay Bench of the Bombay High Court and analyses to conclude that these two have now authoritatively pronounced the way forward leaving no ambiguity in the computation of the stamp duty on a development agreement entered into by the proposed builder and the owner of the property.

This article examines the growing wave of independent director resignations in India by analysing available data, industry surveys, and case evidence. It highlights the key factors driving the exits, underscores the risks to governance stability, and proposes potential solutions to restore trust in boardroom processes. By doing so, it seeks to situate the issue not only as a corporate concern but as a policy and market imperative for India’s future economic growth.

FAQs on Combinations* [2025] 187 CLA (Mag.) 104 A. COMBINATION AND JURISDICTIONAL THRESHOLDS 1. Are all M&As required to be notified to the Commission ? Not every Merger and Acquisition (‘M&A’) activity requires notification to the Commission. As per section 6(2) of the Competition Act, 2002 (‘the Act’) only combinations require notification and approval of the Commission prior to their consummation, i.e., coming into effect even partially. 2. What is meant by a combination. M&As that meet either asset, turnover, or value of transaction thresholds

This proposal seeks for amendments in existing eligibility criteria to make PPIRP more inclusive, eventually enhancing its impact on MSME recovery and economic resilience.

Circular – Circular dated 22nd September, 2025 permitting companies to conduct their annual general meetings through video conferencing – Circular cannot be said to be in consonance with democratic principles.

Transfer of property – Can it be transferred through general power of attorney – The grantee has, in his own right, no interest in the immovable property and, therefore, the question of his transferring interest in immovable property would never arise.

Dishonour of cheque – Conviction of drawer on compounding – Can it be cancelled on compounding – When the law allows such compounding, court should not come in the way of giving effect to the same and as such should take note of the compounding and cancel the punishment awarded.

Compliance officer – Status of – Compliance officer should be clothed with the requisite powers through appropriate Board resolutions. Otherwise, he is only a paper tiger.

Director Identification Number – Surrender by a person who is no longer a director – Directors Rules does not provide for surrender of DIN. Therefore, form has to be filed and if filed late the person concerned has to shell out Rs.5,000 every year, until his death, when automatically the DIN would stand cancelled.

Returns filed under Central Goods and Services Tax Act, 2017 – Can it be revised for removing discrepancies – The right to correct mistakes in the nature of clerical or arithmetic cannot be denied unless the mistake has been committed intentionally and with a view to evade the payment of the correct tax. Such unintended mistakes or errors should permitted to be corrected and should not be denied.

Interim moratorium – Would it apply to recovery of penalties – Interim moratorium contemplated under section 96 of the Code would not apply to levying of penalties or recovery thereof.

Non-executive directors and independent directors – Are they vicariously liable – Independent and non-executive directors of companies are never in-charge of the management of affairs of companies individually, their responsibility being collective and that too only in the meetings of the Board, the question that they are liable to penal consequences would never arise.

Returns filed under Central Goods and Services Tax Act, 2017 – Can it be revised for removing discrepancies – The right to correct mistakes in the nature of clerical or arithmetic cannot be denied unless the mistake has been committed intentionally and with a view to evade the payment of the correct tax. Such unintended mistakes or errors should permitted to be corrected and should not be denied.

AGM – Agenda item – Can it be withdrawn at the meeting – Question of the item being withdrawn at the meeting cannot and would not arise particularly if the voting electronically results in disapproval of the item slated for withdrawal from consideration at the physical meeting.

CIRP – Unsuccessful applicant thereof – Can it be an aggrieved person for filing appeal under the Code – Once a corporate insolvency resolution process is approved by the Adjudicating Authority, it ceases to be a right in personam and an unsuccessful applicant of a corporate resolution process could appeal against the order of the Adjudicating Authority approving a corporate resolution process.

Equity shares on conversion of loan into share capital – Does its issue require mandatory approval of the shareholders – As the conversion of loan into share capital is done pursuant to an agreement initiated by the company, the conversion would be deemed to be issue of share capital by the company and as such provisions of section 62 of the Act would be attracted and approval of the shareholders in general meeting has mandatorily to be taken for such

Settlement of debt - Can NCLAT directly approve settlement of debt before constitution of committee of creditors and after the Adjudicating Authority admitted application - The right to deal with debt including settlement thereof, vests with the committee of creditors and not with each member of the committee and the decision of the committee is approved by the Adjudicating Authority and none else including Appellate Tribunal.

Insolvency resolution – Collective entry in balance sheet on amount due to debtors – Would it amount to acknowledgement of debt for determining the maximum time by which recourse should be taken – It would be enough if the amount of the debt forms part of the amount shown in the balance sheet of a company prepared, audited by the statutory auditors of the company and adopted by the members of the company as required by the provisions of the

Insolvency resolution process – Returning of wrongful claim for re-submission by resolution professional – Can operational creditor agitate for settling his claim after the corporate resolution proposal is approved – In returning a wrongful claim for re-submission under the appropriate head, the resolution professional is not judging the claim but only advising for correct collation of the claim.

Appeal against order of NCLT - Is NCLAT competent to condone delays beyond 45 days in filing appeals - Even if there are adequate, plausible and genuine reasons, the NCLAT cannot condone the delay in filing the appeal beyond the expiry of 15 days from the expiry of thirty days from the date of the order.

Directions by Reserve Bank to Banks - Are they mandatory - Directions are mandatory ; however, it is open to Reserve Bank to give exemptions from all or any of the directions issued by it.

Circulars/Press notes issued by Government - Do they have statutory support - They have no statutory support and as such are not binding on anyone including on the public. But they would have only persuasive value. However, circulars issued by the CBDT on the provisions of Income-tax Act, 1961 are exception to general rule.

Insolvency resolution - Approval by Adjudicating Authority - Does it release guarantor from his obligations. When under an arrangement between the corporate debtor and his creditor, the creditor agrees to accept a part of the amount due in full and final settlement of the entire debt, to which the guarantor is not a party, he would be absolved of his obligations under the guarantee, and he will get protection under section 134 of the Contract Act.

NCLAT – Single Member Bench – Can Bench exercise its powers through one Member Bench–The powers of NCLAT vest in Benches comprising one Judicial Member and one Technical Member. As a corollary no Single Member of NCLAT can exercise his powers through one Member Bench.