Analysis of Notifications and Circulars for Week ending 13th July 2025

During the week of July 7th to 13th, 2025, several important notifications and circulars were issued across various regulatory bodies. In Income Tax, the Rajasthan Housing Board received income exemption, and Indian Renewable Energy Development Agency (IREDA) bonds were designated as a long-term specified asset for Section 54EC tax exemption. Additionally, numerous sovereign wealth funds and pension funds, including MIC Redwood 1 RSC Limited, Norfund, and the Canada Pension Plan Investment Board, had their Section 10(23FE) investment exemptions extended until March 31, 2030.

Under GST, key rulings clarified that the Code of Criminal Procedure (CrPC) applies to GST proceedings unless explicitly contradicted, denied exemption for school transport and catering services when fees are charged directly to students, and confirmed nil GST on peeled, chopped, and packed garlic. Arbitration interest and costs from pre-GST contracts were also deemed exempt, while LNG regasification and metallic film cutting services were classified as job work, attracting 12% GST.

Custom Duty saw the extension of anti-dumping duty on Malaysian clear float glass until February 10, 2026, and an amendment to import policy restricting iridium, osmium, and ruthenium alloys containing over 1% gold. The Directorate General of Foreign Trade (DGFT) introduced new Standard Input Output Norms (SIONs) for chemical exports.

SEBI released several master circulars consolidating regulations for Credit Rating Agencies, ESG Rating Providers, Non-Convertible Securities, Infrastructure Investment Trusts, and Real Estate Investment Trusts. Furthermore, SEBI issued consultation papers proposing relaxations for Asset Management Companies (AMCs) to advise non-broad-based pooled funds and for Credit Rating Agencies to rate non-regulated financial products, while also addressing potential conflicts of interest.

The Ministry of Corporate Affairs (MCA) amended CSR policy rules, mandating detailed disclosures for implementing agencies, and announced the exclusive use of the V3 portal for 38 e-forms from July 14, 2025. MCA also notified new appellate authority appointments for the CA, CMA, and CS Acts.

The Insolvency and Bankruptcy Board of India (IBBI) amended CIRP Regulations to enhance disclosure requirements for Resolution Professionals regarding avoidance transactions. Several NCLAT judgments provided clarity on demerger schemes for closely held family concerns, exemption from CCI approval for resolution plans below a certain value, and the non-absolution of personal guarantors upon resolution plan approval. An Insolvency Professional was suspended for non-disclosure.

Finally, the Reserve Bank of India (RBI) permitted CareEdge Global ratings for Basel III Risk Weights at IFSC and clarified that voluntary pledging of gold and silver for agriculture and MSME loans up to specified collateral-free limits is not a violation. A Miscellaneous High Court judgment emphasized that an accused is entitled to acquittal if the complainant’s financial capacity is not proven.

Notifications & Circulars issued during week (7^th – 13^th July 2025)

A. Income Tax

Exemptions to Rajasthan Housing Board: Rajasthan Housing Board, a board constituted under the Rajasthan Housing Board Act, 1970, has been notified under section 10(46A) for exemption on its income, provided the authority continues to operate for the specified purposes under Section 10(46A) (a) of the Act.

(Link: Income Tax Notification 72/2025 Dated 07/07/2025)

IREDA Bonds notified as Long-Term Specified Asset for Section 54EC tax exemption: When a taxpayer sells long-term immovable property (land or building or both), they have the option to avail capital gain exemption under Section 54EC by investing in certain bonds. The bonds eligible are as issued by National Highways Authority of India (NHAI), Rural Electrification Corporation (REC), Power Finance Corporation Limited (PFC) bonds, Indian Railway Finance Corporation (IRFC) or any other bond notified by the Central Government. The bonds issued by the Indian Renewable Energy Development Agency (IREDA) has now been notified under section 54EC of the Income-tax Act. IREDA, a Public Limited Govt Company and Non-Banking Financial Institution, is mandated to utilize proceeds from these bonds exclusively for renewable energy projects.

(Link: Income Tax Notification 73/2025 Dated 09/07/2025)

Exemptions to Sovereign wealth fund, MIC Redwood 1 RSC Limited, Abu Dhabi, under section 10(23FE) extended till 31^st March 2030:  Sovereign wealth fund, namely, the MIC Redwood 1 RSC Limited, Abu Dhabi, United Arab Emirates, was notified under section 10(23FE) vide notification 89/2020 dated 2^nd November 2020 for eligible investments in India. This section  provides an exemption to sovereign wealth funds and pension funds (specified fund) on income from dividends, interest, and long-term capital gains from investment made in India. The amendment extends the time period for investments till 31^st March 2030.

(Link: Income Tax Notification 74/2025 Dated 11/07/2025)

Similarly, exemptions to following funds notified under section 10(23FE) have been extended for investments till 31^st March 2030:

• Sovereign wealth fund, the Norfund, Government of Norway, earlier notification 33/2021 dated 19^th April 2021.

(Link: Income Tax Notification 75/2025 Dated 11/07/2025)

• Pension fund, the Canada Pension Plan Investment Board, Canada, earlier notification 34/2021 dated 22^nd April 2021.

(Link:Income Tax Notification 76/2025 Dated 11/07/2025)

• Pension fund, the Canada Pension Plan Investment Board Private Holdings Inc., Canada, earlier notification 35/2021 dated 22^nd April 2021.

(Link: Income Tax Notification 77/2025 Dated 11/07/2025)

• Pension fund, the Caisse de dépôt et placement du Québec, Canada, earlier notification 43/2021 dated 4^th May 2021.

(Link:Income Tax Notification 78/2025 Dated 11/07/2025)

• Pension fund, the CDPQ Infrastructures Asia III Inc., Canada, earlier notification 44/2021 dated 4^th May 2021.

(Link: Income Tax Notification 79/2025 Dated 11/07/2025)

• Pension fund, the Ivanhoe Logistics India Inc., Canada, earlier notification 45/2021 dated 4^th May 2021.

(Link:Income Tax Notification 80/2025 Dated 11/07/2025)

• Pension fund, the CDPQ Fixed Income XI Inc., Canada, earlier notification 46/2021 dated 4^th May 2021.

(Link:Income Tax Notification 81/2025 Dated 11/07/2025)

• Sovereign wealth fund, the Bricklayers Investment Pte. Ltd., Singapore, earlier notification 51/2021 dated 5^th May 2021.

(Link:Income Tax Notification 82/2025 Dated 11/07/2025)

• Sovereign wealth fund, namely, the Anahera Investment Pte. Ltd., Singapore, earlier notification 52/2021 dated 5^th May 2021.

(Link: Income Tax Notification 83/2025 Dated 11/07/2025)

• Sovereign wealth fund, the Dagenham Investment Pte. Ltd., Singapore, earlier notification 53/2021 dated 5^th May 2021.

(Link: Income Tax Notification 84/2025 Dated 11/07/2025)

• Sovereign wealth fund, the Stretford Investment Pte. Ltd., Sinapore, earlier notification 54/2021 dated 5^th May 2021.

(Link: Income Tax Notification 85/2025 Dated 11/07/2025)

• Sovereign wealth fund, the Chiswick Investment Pte. Ltd., Singapore, earlier notification 55/2021 dated 5^th May 2021.

(Link:Income Tax Notification 86/2025 Dated 11/07/2025)

• Sovereign wealth fund, the CDC Group Plc., United Kingdom, earlier notification 62/2021 dated 13^th May 2021.

(Link: Income Tax Notification 87/2025 Dated 11/07/2025)

• Sovereign wealth fund, the Ministry of Economy and Finance of the Republic of Korea, earlier notification 63/2021 dated 13^th May 2021.

(Link:Income Tax Notification 88/2025 Dated 11/07/2025)

• Pension fund, the Public Sector Pension Investment Board, Canada, earlier notification 64/2021 dated 13^th May 2021.

(Link:Income Tax Notification 89/2025 Dated 11/07/2025)

• Pension fund, the Government Employees Superannuation Board, Australia, earlier notification 65/2021 dated 13^th May 2021.

(Link: Income Tax Notification 90/2025 Dated 11/07/2025)

• Pension fund, the OMERS Administration Corporation, Canada, earlier notification 66/2021 dated 13^th May 2021.

(Link:Income Tax Notification 91/2025 Dated 11/07/2025)

• Pension fund, namely, the Indo-Infra Inc., Canada, earlier notification 67/2021 dated 17^th May 2021.

(Link: Income Tax Notification 92/2025 Dated 11/07/2025)

• Pension fund, the 2726247 Ontario Inc., Canada, earlier notification 84/2021 dated 3^rd August 2021.

(Link: Income Tax Notification 93/2025 Dated 11/07/2025)

• Pension fund, the 2452991 Ontario Limited, Canada, earlier notification 111/2021 dated 16^th September 2021.

(Link: Income Tax Notification 94/2025 Dated 11/07/2025)

• Pension fund, the 276522 Ontario Limited, Canada, earlier notification 112/2021 dated 16^th September 2021.

(Link: Income Tax Notification 95/2025 Dated 11/07/2025)

• Pension fund, the BCI IRR India Holdings Inc., Canada, earlier notification 114/2021 dated 20^th September 2021.

(Link: Income Tax Notification 96/2025 Dated 11/07/2025)

• Pension fund, the School Employees Retirement System of Ohio, United States of America, earlier notification 130/2021 dated 2^nd November 2021.

(Link:Income Tax Notification 97/2025 Dated 11/07/2025)

• Sovereign wealth fund, Seventy Second Investment Company LLC Abu Dhabi, UAE, earlier notification 69/2022 dated 27^th June 2022.

(Link: Income Tax Notification 98/2025 Dated 11/07/2025)

• Pension fund, CPPIB Credit Investments VI Inc. Canada, earlier notification 86/2022 dated 21^st July 2022.

(Link: Income Tax Notification 99/2025 Dated 11/07/2025)

• Sovereign wealth fund, Qatar Holding LLC, Qatar, earlier notification 93/2022 dated 5^th August 2022.

(Link:Income Tax Notification 100/2025 Dated 11/07/2025) 

• Sovereign wealth fund, INQ Holding LLC, Qatar, earlier notification 95/2022 dated 16^th August 2022.

(Link: Income Tax Notification 101/2025 Dated 11/07/2025)

• Pension fund, CPPIB India Private Holdings Inc. Canada, earlier notification 97/2022 dated 17^th August 2022.

(Link: Income Tax Notification 102/2025 Dated 11/07/2025)

• Pension fund, 2589555 Ontario Limited, Canada, earlier notification 114/2022 dated 13^th October 2022.

(Link:Income Tax Notification 103/2025 Dated 11/07/2025)

• Sovereign wealth fund, Norges Bank On Account Of The Government Pension Fund Global, Norway, earlier notification 115/2022 dated 14^th October 2022.

(Link: Income Tax Notification 104/2025 Dated 11/07/2025)

• Pension fund, Teacher Retirement System of Texas, United States of America, earlier notification 119/2022 dated 31^st October 2022.

(Link: Income Tax Notification 105/2025 Dated 11/07/2025)

• Sovereign wealth fund, Public Investment Fund, Saudi Arabia, earlier notification 125/2022 dated 16^th November 2022.

(Link:Income Tax Notification 106/2025 Dated 11/07/2025)

• Pension fund, 1000242244 Ontario Inc. Canada, earlier notification 128/2022 dated 28^th December 2022.

(Link:Income Tax Notification 107/2025 Dated 11/07/2025)

• Pension fund, the California Public Employees Retirement System, United States of America, earlier notification 02/2023 dated 25^th January 2023.

(Link:Income Tax Notification 108/2025 Dated 11/07/2025)

• Pension fund, 2743298 Ontario Limited, Canada, earlier notification 36/2023 dated 7^th June 2023.

(Link:Income Tax Notification 109/2025 Dated 11/07/2025)

• Pension fund, the Stitching Pension fonds ABP, Netherlands, earlier notification 89A/2023 dated 13^th October 2023.

(Link:Income Tax Notification 110/2025 Dated 11/07/2025)

• Pension fund, BPC Penco XVII Corporation, Canada, earlier notification 95/2023 dated 01^st November 2023.

(Link: Income Tax Notification 111/2025 Dated 11/07/2025)

• Pension fund, Ravenna Investments Holding B.V, Netherlands, earlier notification 106/2023 dated 27^th December 2023.

(Link: Income Tax Notification 112/2025 Dated 11/07/2025)

• Pension fund, AIMCo India Infrastructure Limited, earlier notification 93/2024 dated 19^th July 2024.

(Link:Income Tax Notification 113/2025 Dated 11/07/2025)

B. GST

HC, CrPC applies to proceedings conducted under GST Act to the extent there is no contrary provision: Case of Gagandeep Singh vs State of HP, HC Himachal Pradesh Judgement Dated 23rd June 2025. It held that the provisions of Code of Criminal Procedure (CrPC) apply to the proceedings conducted under GST Act if there is no provision to the contrary. Accordingly, the present petition is dismissed.

AAR GST Exemption denied for School Transport & Catering services: Case of Protego Services LLP, AAR Gujarat Ruling Dated 26th June 2025. It ruled that applicant is not eligible for exemption as per serial no. 66(b)(i) and (ii) of the notification No. 12/2017 dated 28^th June 2017 in respect of transportation services and catering services, provided to the students exclusively on behalf of the school wherein the applicant is charging fees from the students directly.

AAR, Nil GST applies on peeled, chopped & packed Garlic: Case of Purna Cuisines Pvt Ltd,  AAR Gujarat Ruling Dated 26th June 2025. It ruled that Peeled, chopped & packed garlic falls under HSN 07032000, applicable GST rate is NIL.

AAR, No GST on Arbitration Interest & Costs from Pre-GST Contracts: Case of Shoft Shipyard Pvt Ltd, AAR Gujarat Ruling Dated 26th June 2025. It ruled that the applicant is not liable to pay GST on the “interest awarded under arbitration” & “costs awarded under arbitration”, received by them. The material portion and service portion of the transactions are leviable to VAT & Service Tax consequent to which no tax is payable under GST.

AAR, LNG Regasification service classified as Job Work, GST @12%: Case of Bharat Petroleum Corporation Limited, AAR Gujarat Ruling Dated 26th June 2025. It ruled that the applicant activity of providing service of regasification of LNG owned by GAIL/others amounts to rendering of service by way of job work within the meaning of section 2(68) of CGST Act. The said service of re-gasification by way of job work is classifiable under serial no. 26(id) of heading no. 9988 of notification No. 11/2017 dated 28^th June 2017 and is chargeable to GST @ 12%.

AAR, GST on Metallic Film cutting, 12% rate for Job Work: Case of Kanika Exim, AAR Gujarat Ruling Dated 26th June 2025. It ruled that the applicable GST rate for job work involving the cutting of metallic film rolls is 12% in terms of serial No. 26(id) of notification No. 11/2017 dated 28^th June 2017.

C. Central Excise

No Notifications/ Circular during the week.

D. Custom Duty

Anti-Dumping Duty on Malaysian Clear Float Glass extended: The notification extends the anti-dumping duty on imports of “Clear Float Glass” originating from or exported by Malaysia till 10th February 2026, pending the completion of the review, unless it is revoked, superseded, or amended prior to that date.

(Link: Custom Notification 22/2025 (ADD) dated 10/07/2025)

Amendment in Import Policy for Iridium, Osmium and Ruthenium Alloys: The Instruction refer to a corrigendum from DGFT dated 25^th June 2025. Previously, the import of “Iridium alloy consisting gold more than 1% by weight” was restricted. The revised policy now broadens this restriction to include “Iridium alloy, osmium alloy and ruthenium alloy consisting of gold more than 1% by weight.” This adjustment classifies these specific alloys as restricted imports. The earlier Instruction is modified accordingly.

(Link: Custom Instruction 22/2025 dated 09/07/2025)

E. Directorate General of Foreign Trade (DGFT)

Fixation of new SIONs for Chemical Exports: The public notice establishes three new Standard Input Output Norms (SIONs) i.e. A-3687, A-3688, and A-3689 under the ‘Chemical and Allied Product’ category (Product Code ‘A’). SION A-3687 sets the norm for exporting 1 kg of Azithromycin Dihydrate, allowing the import of 0.9434 kg of Azithromycin Amine. SION A-3688 specifies that for every 1 kg of Aldehyde C10 (Capric Aldehyde) exported, 1.40 kg of Fatty Alcohol C10 (98% purity) can be imported. Lastly, SION A-3689 permits the import of 1280 mg of Ceftazidime for Injection Bulk Sterile for the export of one 1000 mg unit of Ceftazidime Powder for formulation of solution for Intramuscular and Intravenous administration.

(Link: DGFT Public Notice 14/2025 Dated 08/07/2025)

F. Securities and Exchange Board of India (SEBI)

Master Circular for Credit Rating Agencies: It consolidates circular for Credit Rating Agencies (CRAs). It aims to provide easier access to applicable regulations in a single document for CRAs, issuers of non- convertible securities, securitized instruments, municipal debt securities, commercial papers, and related stakeholders including stock exchanges and depositories. It clarifies that actions taken under the earlier circulars, such as ongoing applications, penalties, rights, or obligations, will remain valid as if the rescinded circulars are still in force for those specific instances.

(Link: SEBI Master Circular Dated 11/07/2025)

Master Circular for ESG Rating Providers: It consolidates existing guidelines and procedural requirements for ESG Rating Providers (ERPs). It outlines general obligations, compliance mandates, and the necessary systems and infrastructure, ERPs must maintain. While it supersedes previous individual circulars, any actions taken, applications made, or obligations incurred under those prior circulars remain valid.

(Link: SEBI Master Circular Dated 11/07/2025)

Master Circular for Non-Convertible Securities: It consolidate previous circulars pertaining to listing obligations and disclosure requirements for issuers of non-convertible securities, securitized debt instruments, and commercial paper. The actions taken or applications made under the previous circulars will be considered valid under the new corresponding provisions.

(Link: SEBI Master Circular Dated 11/07/2025)

Master Circular for Infrastructure Investment Trusts: It consolidates various previous circulars related to Infrastructure Investment Trusts (InvITs) and supersedes earlier individual circulars, though any actions, registrations, or investigations undertaken under the superseded circulars remain valid.

(Link: SEBI Master Circular Dated 11/07/2025)

Master Circular for Real Estate Investment Trusts: It consolidates various previous circulars related to Real Estate Investment Trusts (REITs) and supersedes earlier individual circulars, though any actions, registrations, or investigations undertaken under the superseded circulars remain valid.

(Link: SEBI Master Circular Dated 11/07/2025)

Consultation Paper on Review of Regulatory Framework on Permissible Business Activities For AMCs under MF Regulations: Currently, Regulation 24 primarily restricts AMCs to managing and advising “pooled assets” that are “broad-based” (i.e., having at least 20 investors with no single investor holding over 25% of the corpus). The consultation paper proposes significant relaxations, primarily allowing AMCs to provide management and advisory services to non-broad-based pooled funds. To address potential conflicts such as differential fees, diversion of resources, contrary trade positions, front-running, and inter-business asset transfers, SEBI has proposed several safeguards.

— SEBI is also reviewing resource sharing between Mutual Fund operations and Portfolio Management Services (PMS) units, proposing two options: either requiring PMS activities through a distinct subsidiary with segregated key personnel or allowing PMS within the same entity but as a separate business unit with segregated key employees reporting directly to the AMC Board. The paper also explores expansion of permissible ancillary business activities, such as AMCs or their subsidiaries acting as Point of Presence (POP) for pension funds or as global distributors for funds managed or advised by the AMC outside mutual fund schemes, subject to stringent regulatory oversight and ring-fencing measures. The comments/ suggestions from stakeholders are invited.

(Link: SEBI Consultation Paper Dated 07/07/2025)

Consultation Paper on measures for regulation of activities of Credit Rating Agencies (CRAs): Currently, CRAs are primarily limited to rating listed or proposed-to-be-listed securities or instruments under the specific guidelines of other financial sector regulators (FSRs). SEBI proposes allowing CRAs to undertake rating of non-regulated financial products or instruments  such as unlisted securities under specific conditions. These conditions include compliance with the respective FSR’s regulatory framework (if any) for policy, risk management, and grievance redressal. The proposed changes also mandate that CRAs undertake only fee-based, non-fund based rating activities, operating them through separate business units (SBUs) with “Chinese Walls” to segregate them from SEBI-regulated activities. The comments/ suggestions from stakeholders are invited.

(Link: SEBI Consultation Paper Dated 09/07/2025)

G. Ministry of Corporate Affairs (MCA)

Amendment to Companies Corporate Social Responsibility Policy Rules: The amendment revises e-Form CSR-1, which entities must file to register as eligible CSR implementing agencies under Section 135 of the Companies Act. The revised CSR-1 mandates detailed disclosures, including approvals under Section 80G of the Income Tax Act and registrations under Section 12A or exemptions under Section 10(23C). Eligible entities include Section 8 companies, societies, and trusts registered under relevant laws or set up by central/state governments. The changes require mandatory PAN, OTP-verified emails, Digital Signature Certificates (DSCs) and professional certification by a practicing CA/CS/CMA.

(Link: MCA Notification Dated 07/07/2025)

FAQs on Filing 38 e-Forms from 14^th July 2025 on MCA V3 Portal: MCA has mandated that all 38 e-forms, previously accessible on the V2 portal, must now be filed exclusively through the Version 3 (V3) portal effective 14^th July 2025. This migration marks a shift from offline PDF form filling and uploading to an online, web-based system. It also introduces an Offline Utility option for annual filings, allowing users to download a pre-filled Excel, complete data offline, and then upload it. The various FAQs may be referred.

(Link: MCA FAQs Dated July 2025)

MCA notifies Appellate Authority appointments for CA, CMA & CS Acts: These involve changes to specific member appointments. CA K Raghu and CA Pankaj Tyagee have been appointed as members under the Chartered Accountants Act, 1949. CMA H Padmanabhan has been appointed as a member under the Cost Accountants Act, 1959. Additionally, CS Ashish Garg and CS Rajiv Bajaj have been appointed as members under the Company Secretaries Act, 1980.

(Link: MCA Notification Dated 08/07/2025)

H. Insolvency and Bankruptcy Board of India (IBBI)

Amendment to Insolvency Resolution Process for Corporate Persons (CIRP) Regulations: The key changes include enhanced disclosure requirements for the Resolution Professional (RP), who must now include details of all identified avoidance or fraudulent transactions in the Information Memorandum (IM) and regularly update the Committee of Creditors (CoC). Also, the resolution plans cannot assign avoidance or fraudulent transactions unless these were fully disclosed in the IM and communicated to all prospective resolution applicants before the resolution plan submission deadline. These are intended to facilitate informed decision-making by both the CoC and resolution applicants.

(IBBI Notification Dated 04/07/2025, Press Release Dated 08/07/2025)

NCLAT, Demerger between closely held family concerns allowed based on shareholders unequivocal consent: Case of Lincon Polymers Private Limited vs XX, NCLAT Delhi Judgement Dated 26th May 2025. The appellant authority held that under the scheme of demerger, the companies are closely held family concerns, the valuation and share swap ratio is worked out by expert IBBI registered valuer and shareholders have given their unequivocal consent hence dismissal of demerger scheme not justified.

NCLAT, Resolution plan did not require prior approval of CCI as exempt vide MCA notification: Case of Alchemist Asset Reconstruction Company Ltd vs ASC Insolvency Services LLP, NCLAT Delhi Judgement Dated 15th May 2025. The appellant authority held that since the value of corporate debtor was covered by exemption issued by MCA by notification dated 7^th March 2024, hence provision of section 5 of Competition Act is not applicable. Accordingly, there was no requirement of any approval from Competition Commission of India [CCI] for approval of resolution plan.

NCLAT, Liquidation application to be proceeded as resolution plan not implemented: Case of Taguda Pte Ltd vs State Bank of India, NCLAT Delhi Judgement Dated 30th May 2025. The appellant authority held that application for liquidation of Corporate Debtor should be proceeded as there was sufficient ground to hold that resolution plan is not implemented. Accordingly, the appeal is dismissed.

NCLAT, Submission of amended petition by adding relief without obtaining order not tenable: Case of Deloitte Haskins & Sells LLP vs Union of India, NCLAT Delhi Judgement Dated 15th May 2025. The appellant authority held that the objection that petitioner has not amended the petition cannot mean that on the basis of leave granted to serve amended petition, respondent can add relief without filing any application and without obtaining order of the Court. It directed the respondent to delete said clause from the prayers of the company petition.

NCLAT, Approval of resolution plan doesn’t ipso facto absolve Guarantor: Case of Indian Bank vs Anjanee Kumar Lakhotia, NCLAT Delhi Judgement Dated 21^th May 2025. The appellant authority held that by approval of resolution plan, the personal guarantee is not ipso facto discharged. Thus, the Indian Bank which is dissenting Financial Creditor cannot proceed to file an application under Section 95 against the respondent.

NCLAT, Contingencies as part of resolution plan justifiable: Case of Anuj Gaur vs Rabindra Kumar Mintri, NCLAT Delhi Judgement Dated 30th May 2025. The appellant authority held that contingencies as part of resolution plan justified as resolution plan complies with CIRP Regulations, as well as Section 30(2) (b) of the IBC.

NCLAT, Application under section 9 of IBC not rejectable as undisputed significant portion of debt is above threshold limit: Case of Leena Salot vs Ridham Synthetics Private Limited,  NCLAT Delhi Judgement Dated 3rd July 2025. The appellant authority held that section 9 application under the IBC cannot be rejected if undisputed portion of the debt is significantly above the minimum threshold limit of Rs 1 Crore and the dispute pertains to a very relatively non-significant part of the claim.

IBBI suspends Surya Kanta Satapathy, IP for Non-Disclosure in CIRP case: The IBBI found that he failed to adequately disclose crucial information to the Committee of Creditors (CoC) and the Adjudicating Authority (AA) regarding a resolution plan submitted by a corporate debtor’s director, against whom he himself had filed an avoidance application. The Disciplinary Committee suspends his registration for a period of one year.

(Link: IBBI DC Order Dated 07/07/2025)

I. Reserve Bank of India (RBI)

CareEdge Global ratings permitted for Basel III Risk Weights at IFSC: The notification permits all Scheduled Commercial Banks (excluding Local Area Banks, Payments Banks, and Regional Rural Banks) to utilize ratings from M/s CareEdge Global IFSC Limited for risk weighting their claims on non-resident corporates originating at International Financial Services Centres (IFSC). Previously, banks were allowed to use ratings from only three international credit rating agencies i.e. Fitch, Moody’s, and Standard & Poor’s. It has also provided a specific rating-risk weight mapping for CareEdge Global IFSC Limited: AAA (20% risk weight), AA (30%), A (50%), BBB (100%), and BB & below (150%).

(Link: RBI Notification 65/2025 Dated 10/07/2025)

Voluntary Pledge of Gold and Silver as Collateral for Agriculture and MSME Loans: It has been clarified that voluntarily pledged gold and silver for loans up to the specified collateral-free limit will not be considered a violation of existing collateral-free lending guidelines. The aim is to enhance credit flow without contravening regulatory intent, provided that the collateral is pledged voluntarily by the borrower and within the defined limits. However, the exemption regarding voluntary collateral use does not apply to RRBs, State Cooperative Banks, and District Central Cooperative Banks, as per the earlier Master Direction.

(Link: RBI Notification 66/2025 Dated 11/07/2025)

J. Miscellaneous

HC, Accused entitled to acquittal as financial capacity of complainant not proved: Case of Raghunath Sharma vs Suraj Kant, HC Himachal Pradesh Judgement Dated 24th June 2025. HC held that complainant failed to prove his financial capability and hence the accused is entitled to acquittal. The order of trial court upheld and petition is dismissed.

*****

Compiled by:- CMA Yash Paul Bhola, MBA, FCMA, Former Director (Finance), National Fertilizers Limited.

Disclaimer: The contents of this article are for informational purposes only. The user may refer to the relevant notification/ circular/ decisions issued by the respective authorities for specific interpretation and compliances related to a particular subject matter)