During the week (23rd – 1st March 2026), significant regulatory updates were issued across Income Tax, GST, Customs, DGFT, SEBI, MCA, IBBI, RBI, and key judicial forums. Under Income Tax, Sri Ramachandra Institute was notified for weighted scientific research deduction under Section 35(1)(ii), India–France DTAA was amended, and Delhi High Court delivered rulings on foreign tax credit, capital subsidy, Section 197 certificates, and charitable exemption errors. In GST, the Supreme Court classified Rooh Afza as a fruit drink at concessional rate, while various AARs clarified taxability of beverages, hookah, consultancy, ITC eligibility, registration, exports, and municipal exemptions. DGFT permitted limited wheat and flour exports despite prohibition and rationalised RoDTEP rates. SEBI revised ESG norms and mutual fund classifications. MCA introduced CCFS-2026 for compliance relief. IBBI strengthened valuation frameworks and insolvency transparency, while Supreme Court clarified IBC jurisdictional limits. RBI amended NBFC directions, and courts ruled on homebuyer possession rights and arbitration seat jurisdiction.
Notifications & Circulars issued during week (23rd – 1st Mar 2026)
(Income Tax, GST, Central Excise, Custom Duty, DGFT, SEBI, MCA, IBBI, RBI)
(Click the Link for Notification/ Circular as issued)
A. Income Tax
Sri Ramachandra Institute of Higher Education and Research Trust, Chennai notified under section 35(1)(ii) for Scientific Research: It notifies Sri Ramachandra Institute of Higher Education and Research Trust, Chennai, for ‘Scientific Research’ under the category of ‘University, college or other institution’ for the purposes section 35(1)(ii) of the Income-tax Act, read with rules 5C and 5E of the Income-tax Rules. This section allows for deduction equal to one and half times while computing taxes for expenses relating to scientific research.
(Link: Income Tax Notification 18/2026 Dated 27/02/2026)
India and France sign Protocol to amend the India-France Double Taxation Avoidance Convention: The Protocol provides full taxing rights in respect of capital gains arising from sale of shares of a company, to the jurisdiction where such company is a resident. It also deletes the so-called Most-Favoured-Nation (MFN) Clause from the Protocol, thereby bringing to rest all issues relating to it. It also modifies the taxation of income from dividends with as rate of 5% for those holding at least ten percent of capital and 15% of tax for all other cases. It also modifies the definition of ‘Fees for Technical Services’ by aligning it with the definition in India US Double Taxation Avoidance Agreement, and expands the scope of ‘Permanent Establishment’ by adding Service PE.
(Link: Income Tax Press Release Dated 23/02/2026)
HC Allows Foreign Tax Credit despite delay in filing Form 67: Case of Real Time Data Services Private Limited vs PCIT, HC Delhi Judgement Dated 13th February 2026. HC held that foreign tax credit (FTC) cannot be denied only because Form 67 was filed late and the Principal Commissioner of Income Tax (PCIT) has enough power under Section 264 to condone such default instead of rejecting the claim on technical ground.
HC, Excise Duty refund held Capital Receipt as linked to Investment Scheme: Case of PCIT vs Jindal Saw Ltd, HC Delhi Judgement Dated 12th February 2026. HC held that an excise duty refund of Rs 59.68 crore received under an incentive scheme, linked to capital investment in the Kutch district, is a capital receipt and not taxable. It rejected the Revenue’s argument to reduce the subsidy from the block of assets for depreciation, as the subsidy was not directly tied to the cost of specific assets.
HC, Revenue cannot ignore Tribunal Findings while issuing Certificate under Section 197: Case of Financial and Risk Organisation Limited vs ITO, HC Delhi Judgement Dated 10th February 2026. The petitioner, a UK Company, challenged the 15% tax withholding certificate, as previous findings indicated a Nil rate was appropriate due to the nature of their business with Indian entities. HC held that the Revenue cannot ignore ITAT findings in previous years when issuing Section 197 tax withholding certificates.
HC Grants exemption despite incorrect Income Head in Return: Case of International Buddhist Confederation vs ITO, HC Delhi Judgement Dated 22nd January 2026. The appellant, a registered trust, inadvertently declared interest income from bank deposits under ‘income from other sources’ instead of claiming it as exempt, leading to an unwarranted tax demand. HC held that registered charitable trusts cannot be denied tax exemptions solely due to clerical or technical errors in their tax returns, such as misclassifying income.
B. GST
SC, Hamdard Rooh Afza classified as ‘Fruit Drink’: Case of Hamdard (Wakf) Laboratories vs Commissioner, SC Judgement Dated 25th February 2026. The apex court held that Rooh Afza is classifiable as a “fruit drink” under Entry 103 of Schedule II (Part A). The Court ruled that the product attracts VAT at the concessional rate of 4%, and not 12.5% under the residuary entry, for the relevant period. It clarified that regulatory or licensing classifications under food laws cannot control interpretation of fiscal entries unless expressly incorporated in taxing statute. The court emphasised that where a product can reasonably fall within a specific entry, resort to residuary entry is impermissible.
HC, GST on University Affiliation Fees quashed as is not a Supply of Service: Case of Rajasthan Technical University vs Union of India, HC Rajasthan Judgement Dated 23rd February 2026. HC ruled that affiliation is not a commercial or business activity. It is a statutory mandate enabling the University to discharge its core educational functions. Hence, grant of affiliation does not constitute a supply of service.
AAR, Non-Alcoholic Beverages taxed at 40% GST as classified under rate notification Schedule III: Case of Saga Organics Private Limited, AAR West Bengal Ruling Dated 27th February 2026. AAR ruled that the non-alcoholic beverages fall under tariff item 22029990 under heading 2202 as “other non-alcoholic beverages.” As per rate notification, such products are covered under serial 2 of Schedule III and are taxable at 20% CGST plus 20% SGST.
— The iced tea preparations and extracts, essences and concentrates of tea, involve boiling tea and processing it into beverage form. These products fall under heading 210120, and are covered under serial 136 of Schedule I and attract tax at 5%. The syrups and beverage concentrates, including electrolyte and flavoured concentrate products meant for dilution before consumption, fall under heading 21069019, and are covered under serial 145 of Schedule I and attract tax at 5%.
AAR, GST Exemption denied as FCI not covered under Eligible Recipients: Case of Food Corporation of India, AAR West Bengal Ruling Dated 27th February 2026. AAR analysed that for exemption under Serial No 3 of Notification 12/2017, three cumulative conditions must be satisfied i.e., (a) the service must be pure service (b) the service must be provided to the Central Government, State Government, Union Territory, or local authority and (c) the service must be in relation to functions entrusted under Articles 243G or 243W. FCI, being a Government Entity, does not fall within the specified categories of Central Government, State Government, Union Territory, or local authority. The exemption is not applicable for this service provided to FCI being a Government Entity.
AAR, No GST on Conservancy Services provided to Municipality as activity falls under Twelfth Schedule: Case of Hari Narayan Singh, AAR West Bengal Ruling Dated 27th February 2026. AAR ruled that the services provided by the applicant to Howrah Municipal Corporation (HMC) for carrying of segregated waste from secondary transfer point to dumpsite in segregate manner with own Fuel Operated vehicle, being activities relating to functions entrusted to a Municipality under Article 243W of the Constitution, will qualify under serial number 3 of Notification 12/2017 dated 28th June 2017, and is exempted from tax.
AAR, Hookah not ‘Article for Human Consumption’, denies 5% GST as Restaurant Service: Case of Indian Wire Products Company, AAR West Bengal Ruling Dated 27th February 2026. AAR ruled that serving food remains a supply of service under Clause 6(b) and is taxable at 5% under notification 11/2017 (Rate). Serving tobacco-based hookah is a composite supply of goods and taxable at 40% under HSN 2403, Schedule III of Notification 01/2017 (Rate). Serving non-tobacco-based hookah (prepared using dried tea leaves, mint leaves, rose petals, etc.) is also a supply of goods and taxable at 18% under serial 639 of Schedule II of Notification 01/2017 (Rate). It held that hookah supply does not fall within Clause 6(b) of Schedule II and cannot be taxed at the concessional 5% rate applicable to restaurant services.
AAR, Architectural Consultancy exempt because it qualifies as Pure Service to Municipality: Case of Sachin Gandhi & Associates, AAR Gujarat Ruling Dated 26th February 2026. AAR ruled that the consultancy and PMC services provided to AMC for the fire station, staff quarters, and multi-level parking were held exempt from GST under serial 3 of Notification 12/2017 (Rate).
AAR, GST 18% applicable on Dry Citrate Powder as it is Chemical, not Dialysis Apparatus: Case of Soxa Formulations and Research Pvt Ltd, AAR Gujarat Ruling Dated 24th February 2026. AAR ruled that dry citrate powder and bicarbonate bags are classifiable as chemicals and are subject to an 18% GST rate.
AAR, IIM Liable to GST TDS due to substantial Government Control: Case of Indian Institute of Management, AAR Gujarat Ruling Dated 24th February 2026. AAR ruled that Indian Institutes of Management (IIMs), as statutory bodies established by Parliament with significant government control, are “specified persons” required to deduct GST TDS on payments to suppliers. This applies to contracts exceeding specified thresholds, ensuring tax compliance.
AAR, ElectroInk Bundle is Mixed Supply Due to Absence of Principal Supply: Case of HP India Sales Private Limited, AAR Maharashtra Ruling Dated 30th December 2025. AAR ruled that the supply of Elecrolink along with consumables and operator parts is a mixed supply as per section 2(74) of GST Act and will be classified as the supply of that particular supply attracting the highest rate of tax among all the goods in the mixed supply. The time of supply will be the date of issue of invoice or the date of receipt of payment, whichever is earlier. The value of supply will be the transaction value as reflected in the tax invoice issued by the applicant in terms of section 31(4) of GST Act.
AAR, Education Consultancy to Foreign Universities held Export as not Intermediary Service: Case of Eduguide Overseas Studies Private Limited, AAR Maharashtra Ruling Dated 30th December 2025. AAR ruled that the services given by the applicant to the foreign universities and the commission received from foreign universities for facilitating student admissions qualifies as “export of services” and is eligible for refund of accumulated input tax credit (ITC). The fees charged from students in India are liable to GST. However, if the applicant is not charging any fees from the students under the promotional scheme, the free services will not be considered as supply, and the same will not attract GST.
AAR, ITC denied on Breakwater Construction as it is a Civil Structure: Case of Konkan LNG Private Limited, AAR Maharashtra Ruling Dated 18th December 2025. AAR ruled that the input tax credit (ITC) is not admissible on GST paid for works contract services used in constructing a breakwater wall at its LNG terminal.
AAR, GST on Paper Bags at 18%, since not covered under 5% entry for Biodegradable Bags: Case of SGS Packaging Private Limited, AAR Rajasthan Ruling Dated 17th December 2025. AAR ruled that non-biodegradable paper bags manufactured by the applicant are subject to 18% GST and not the lower 5% rate claimed by the applicant.
AAR, GST Exemption allowed on examination services as Educational Board Treated as Institution: Case of Board of Secondary Education, AAR Rajasthan Ruling Dated 17th December 2025. The applicant is a government authority responsible for conducting secondary and senior secondary examinations in the state. It procures various services from external suppliers, including the printing of question papers and answer sheets, online form filling, result processing, and annual maintenance of computers used exclusively for exams. AAR ruled that the various support services are exempt from GST under notification 12/2017 (Rate).
AAR, No separate GST Registration required if No Fixed Establishment Exists: Case of Safety Controls & Devices Limited, AAR Rajasthan Ruling Dated 17th December 2025. The applicant, a Lucknow-based company that was awarded a contract by NTPC for the installation and commissioning of a solar PV project in Bikaner, Rajasthan. The contract involved the supply of goods and services, including civil works and electrical installations. AAR ruled that the applicant is not required to take a separate registration in Rajasthan, provided they do not have a “fixed establishment” or “place of business” in the state. It observed that the supply of goods and services for the solar project can be treated as an inter-state supply from the Uttar Pradesh office to the client in Rajasthan, attracting IGST.
C. Central Excise
No Notification/ Circular during the week.
D. Custom Duty
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver: CBDT notified the Tariff Values of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver, which shall come into force w.e.f. 28th February 2026. The tariff value for crude palm oil is set at USD 1103 per metric ton, while gold and silver have tariff values of USD 1664 per 10 grams and USD 2800 per kilogram, respectively. The tariff value for areca nuts is fixed at USD 7020 per metric ton.
(Link: Customs Notification 24/2026 (NT) Dated 27/02/2026)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver: CBDT notified the Tariff Values of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver, which shall come into force w.e.f. 25th February 2026. The tariff value for crude palm oil is set at USD 1086 per metric ton, while gold and silver have tariff values of USD 1624 per 10 grams and USD 2817 per kilogram, respectively. The tariff value for areca nuts is fixed at USD 7020 per metric ton.
(Link: Customs Notification 23/2026 (NT) Dated 24/02/2026)
E. Directorate General of Foreign Trade (DGFT)
Amendment in Export Policy of Wheat, permits 25 LMT despite continued Prohibition: The notification amends the export policy of wheat under ITC Code 10011900 (Durum Wheat – Other) and 10019910 (Wheat). While the overall export policy for wheat continues to remain “Prohibited”, the government has now permitted export of 25 Lakh Metric Tonnes (LMT) of wheat. Additionally, the earlier provision allowing exports to other countries based on Government of India approval to meet food security needs, upon request from their governments, remains applicable and will operate over and above the permitted 25 LMT quota.
(Link: DGFT Notification 62/2026 Dated 24/02/2026)
Amendment in export policy of Wheat flour and related items: The notification allowed export of an additional 5 Lakh Metric Tonnes (LMT) of wheat flour and related products. This quantity is over and above the 5 LMT already permitted under Notification 55/26 dated 16th January 2026. Despite this relaxation, the overall export policy status continues to remain ‘Prohibited’ for wheat flour and related products.
(Link: DGFT Notification 61/2026 Dated 24/02/2026)
Rationalisation of RoDTEP rates: The notification provides that, the applicable RoDTEP rates for all Harmonised System (HS) lines specified in Appendix 4R and Appendix 4RE shall be restricted to 50% of the existing notified rates. In addition, wherever value caps have been prescribed, such caps will also stand reduced to 50% of the earlier notified limits. It further clarifies that the reduced RoDTEP rates and value caps will not apply to export products falling under ITC HS Chapters 01 to 24.
(Link: DGFT Notification 60/2026 Dated 23/02/2026, Corrigendum)
EPCG Relief granted as export decline exceeds 5% in 2024-25: The circular issued guidance on relief in Average Export Obligation (EO) under the EPCG Scheme. The provision allows proportionate reduction in Average EO for sectors or product groups where total exports declined by more than 5% in 2024-25 compared to 2023-24. A list of such product groups indicating percentage decline has been annexed. Regional Authorities have been directed to re-fix the Annual Average EO for EPCG authorisations for 2024-25 and endorse reductions in licence files and amendment sheets.
(Link: DGFT Policy Circular 10/2026 Dated 26/02/2026)
Extension of TRQ application deadline under Multiple FTAs: The Public Notice extends the last date for submission of online Tariff Rate Quota (TRQ) applications for FY 2026-27 from to 15th March 2026 for specified products under various FTAs and trade agreements notified in Appendix-2A of the Foreign Trade Policy. The extension covers TRQs under the India-Sri Lanka FTA (vanaspati, pepper, desiccated coconut), India-Mercosur Trade Agreement (crude soy oil from Paraguay), India-Mauritius CECPA (agricultural produce, fish products, sugar, beverages, apparel), India- Nepal Treaty (vanaspati, acrylic yarn, copper products, zinc oxide), and India-UAE CEPA (polyethylene, polypropylene, PVC resins, copper wires and related products).
(Link: DGFT Public Notice 50/2026 Dated 24/02/2026)
Modalities for export of Wheat: The Public Notice prescribes the modalities for application, allocation, and processing of export authorizations for 25 LMT of wheat as permitted. Applicants with active IEC must apply online through the specified DGFT portal link during the first ten days of each month until the quota is exhausted. Applications must include past export performance, confirmed export orders, and a Chartered Accountant-certified turnover statement for the preceding five financial years. Authorizations will be valid for six months, non-transferable, and subject to allocation by a Special Exim Facilitation Committee (EFC).
(Link: DGFT Public Notice 49/2026 Dated 24/02/2026)
Modalities for export of Wheat Flour and related products: The Public Notice prescribes modalities for export authorization of an additional 5 LMT of wheat flour and related products as notified. Eligible exporters with active IEC must apply online through the DGFT portal during the first ten days of each month subject to quota availability. Applications must include past export performance details, confirmed export orders, a Chartered Accountant certificate of export turnover for five preceding financial years, and a self-declaration confirming use of domestic wheat only. Authorizations are valid for six months, non-transferable, and subject to allocation by a Special Exim Facilitation Committee (EFC).
(Link: DGFT Public Notice 48/2026 Dated 24/02/2026)
F. Securities and Exchange Board of India (SEBI)
Green Debt Certification Norms revised to align with ESG Framework: The circular revise the norms for appointment of an independent third- party reviewer or certifier for green debt securities. The changes align the requirements for green debt securities with the framework prescribed for other ESG debt securities such as social bonds, sustainability bonds, and sustainability- linked bonds. Issuers must appoint an independent reviewer to certify that the issuance complies with SEBI Regulations. The reviewer must be independent, conflict-free in remuneration, & possess ESG expertise.
(Link: SEBI Circular Dated 27/02/2026)
Disclosure of Registration Details mandated on Social Media Platforms: The circular mandate that all regulated entities and their agents must prominently disclose their registered name and SEBI registration number on social media platforms (SMPs) when posting securities market-related content. Entities with single registration must display their registered name and number on the home page and at the beginning of each relevant content piece. Entities with multiple registrations must provide a web link listing all registrations on their home page and disclose the relevant registration at the beginning of specific content. Agents must disclose both the principal entity and their own registration details.
(Link: SEBI Circular Dated 26/02/2026)
Valuation of physical Gold and Silver held by mutual fund schemes: Under the existing framework, Gold and Silver Exchange Traded Funds (ETFs) value holdings based on AM fixing prices of the London Bullion Market Association (LBMA), adjusted for metric and currency conversions, transportation costs, customs duty, taxes, levies, and notional premium or discount for domestic valuation. It has been decided that polled spot prices published by recognized stock exchanges may be used for valuation. As stock exchanges operate under regulatory transparency and compliance norms, this approach will reflect domestic market conditions and ensure uniformity in valuation practices.
(Link: SEBI Circular Dated 26/02/2026)
Categorization and Rationalization of Mutual Fund Schemes: The mutual fund schemes are classified into Equity, Debt, Hybrid, Life Cycle Funds, and Other Schemes, with detailed asset allocation norms and uniform scheme descriptions prescribed for each category. The circular introduces portfolio overlap limits for sectoral/thematic equity schemes, mandates quarterly computation and phased realignment. It standardizes naming conventions to ensure schemes remain ‘true-to-label’ and prohibits return-focused words in scheme names. Solution Oriented Schemes are discontinued, with existing schemes to stop subscriptions and merge after SEBI approval. Medium duration debt funds may reduce portfolio duration under adverse situations with documented justification.
(Link: SEBI Circular Dated 26/02/2026)
G. Ministry of Corporate Affairs (MCA)
Companies Compliance Facilitation Scheme, 2026 (CCFS-2026): The Scheme, effective from 15th April 2026 to 15th July 2026, provides a one-time opportunity for defaulting companies to complete pending annual filings by paying only 10% of the additional fees otherwise payable under Section 403 of the Companies Act, which currently attracts Rs 100 per day without an upper limit. Companies may alternatively opt for dormant status under Section 455 by paying half of the normal fee, or apply for strike-off through e-form STK-2 by paying 25% of the applicable filing fee. The Scheme applies to most companies except those already under strike-off action, dissolved entities, vanishing companies, or those that have already applied for dormancy. The immunity from penalties under Sections 92 and 137 is available if filings are completed within specified timelines.
(Link: MCA General Circular 01/2026 Dated 24/02/2026)
H. Insolvency and Bankruptcy Board of India (IBBI)
Amendments to IBBI Insolvency Resolution Process for Corporate Persons(CIRP) Regulations: The amendment revises the definition of ‘fair value’ to clarify that it represents the estimated realizable value of the corporate debtor and its assets, including tangible and intangible assets along with underlying synergies, as on the insolvency commencement date. It mandates appointment of two sets of registered valuers within specified timelines, with a coordinating valuer in each set, and prescribes a structured methodology for determining fair and liquidation values, including provision for a third set where estimates differ significantly (25% or more). The regulations also introduce documentation requirements for valuation reports, and expand disclosures.
(Link: IBBI Notification Dated 25/02/2026)
Amendments to IBBI Bankruptcy Process for Personal Guarantors to Corporate Debtors Regulations: The notification inserts a new regulation 30(5), which mandates that a registered valuer shall prepare the valuation report and maintain documentation strictly in accordance with the format notified by the Board through circular. It standardizes both the valuation methodology and reporting format, ensuring procedural uniformity in bankruptcy processes involving personal guarantors.
(Link: IBBI Notification Dated 25/02/2026)
Amendments to IBBI Pre-Packaged Insolvency Resolution Process Regulations: The notification revises the definition of ‘fair value’ to mean the estimated realizable value of the corporate debtor or its assets on the insolvency commencement date in an arm’s length transaction, after proper marketing, and computed by considering the total realizable value of all assets, including tangible, intangible assets and underlying synergies. Regulation 38 is amended to require appointment of “two sets” of valuers. Regulation 39 substitutes the valuation mechanism, mandating one registered valuer per asset class in each set, designation of a coordinating valuer, explanation of methodology to the committee, physical verification of assets, and averaging of estimates for fair and liquidation values.
(Link: IBBI Notification Dated 25/02/2026)
Amendments to IBBI Voluntary Liquidation Process Regulations: The notification modifies Regulation 3(1)(b) by inserting an explanation, which clarifies that a registered valuer shall prepare the valuation report and maintain documentation in accordance with the format notified by the Board through a circular.
(Link:IBBI Notification Dated 25/02/2026)
Amendment to IBBI Liquidation Process Regulations:
The notification inserts a new sub-regulation 35(8), which mandate that a registered valuer shall prepare the valuation report and maintain documentation strictly in accordance with the format notified by the Board through circular.
(Link: IBBI Notification Dated 25/02/2026)
IBBI strengthens Valuation Framework to enhance Insolvency Transparency: While recognising valuation as central to value maximisation and stakeholder decision-making, the amended regulations standardise valuation report formats, mandate harmonised valuation standards across processes, expand the definition of fair value to include tangible and intangible assets with underlying synergies, and introduce a Coordinating Valuer to ensure enterprise-level assessment. Additionally, disclosure norms in the Information Memorandum have been expanded to include details of unclaimed allottees, receivables, joint development agreements, and assets under attachment by enforcement agencies.
(Link: IBBI Press Report Dated 26/02/2026)
SC Dismisses IBC challenge to Benami Attachment because NCLT Lacks Jurisdiction: Case of S Rajendran vs DCIT, SC Judgement Dated 24th February 2026. The apex court dismissed a batch of appeals challenging orders of the NCLAT, which had upheld the decisions of the NCLT, declining jurisdiction to entertain challenges against provisional attachment orders passed under the Benami Act. The parties can approach the authorities under the Benami Act for lifting the attachment.
SC, IBC overrides defunct Scheme of Arrangement due to non-compliance with Statutory Timelines: Case of Omkara Assets Reconstruction Pvt Ltd vs Amit Chaturvedi, SC Judgement Dated 24th February 2026. The apex court viewed that the IBC is a special statute with overriding effect under Section 238 and that proceedings under Sections 7 or 9 are independent and unaffected by winding-up or other proceedings. It held that judicial discipline cannot be invoked to stall CIRP where the SOA was grossly delayed and inoperative. The IRP was permitted to proceed, and appeal was allowed.
SC, Delaying CIRP due to settlement proposal without CoC approval is not Justifiable: Case of Power Trust vs Bhuvan Madav, SC Judgement Dated 18th February 2026. The apex court held that commercial wisdom of Committee of Creditors (CoC) is non-justiciable. The stalling CIRP on account of settlement proposal without approval by CoC is not justifiable.
HC Quashes GST ITC demand for ignoring IBC Moratorium Plea: Case of Srei Equipments Finance Limited vs Office of AC GST, HC Delhi Judgement Dated 12th February 2026. HC quashed an order, which had confirmed an ineligible Input Tax Credit (ITC) demand plus interest and an equivalent penalty. The Assistant Commissioner had ignored the fact that Srei Equipment Finance Ltd was under a moratorium as part of the CIRP under IBC.
NCLAT, Accounting adjustments cannot extend Limitation for Debt: Case of Heena Metals Private Limited vs Global Extrusions Pvt Ltd, NCLAT Delhi Judgement Dated 9th January 2026. The appellate tribunal held that transferring Jamnagar liabilities to the Mumbai account did not constitute acknowledgment of debt. Also the signed ledger was not a clear promise to pay. The tribunal dismissed the appeal.
NCLAT, EPFO claim based on Post-Moratorium assessment not admissible in CIRP: Case of EPFO vs Subhlaxmi Investment Advisory Pvt Ltd, NCLAT Delhi Judgement Dated 9th January 2026. The appellate tribunal held that without entries in the books showing provident fund deductions and without identifiable employee records, the assessment based claim raised during moratorium could not be admitted.
IBBI suspends Pankaj Srivastava, IP for three years due to unauthorized CoC Reconstitution: The disciplinary committee (DC) held that the IP acted beyond authority by unilaterally reconstituting the Committee of Creditors (CoC), filing contradictory interlocutory applications with differing CoC compositions for the same date, and failing to disclose the earlier filing, thereby misleading the Adjudicating Authority. The DC suspended the registration of IP for three years.
(Link: IBBI Order Dated 24/02/2026)
I. Reserve Bank of India (RBI)
Amendments to Non-Banking Financial Companies Miscellaneous Directions: The notification enable the National Urban Co-operative Finance and Development Corporation Limited (NUCFDC) to effectively function as an Umbrella Organisation for over 1,400 primary urban co-operative banks (UCBs). RBI has permitted NUCFDC to issue equity shares through private placement to more than 200 persons in a financial year, subject to conditions. These include a Board-approved resource plan, restricted subscription to UCBs and NCDC, prohibition on lending against its own shares, mandatory quarterly reporting, and compliance with statutory requirements.
(Link: RBI Circular 224/2026 Dated 26/02/2026)
J. Miscellaneous
SC, Possession without Occupancy Certificate cannot be forced upon Homebuyers: Case of Parsvnath Developers Ltd vs Mohit Khirbat, SC Judgement Dated 20th February 2026. The apex court held that possession without an Occupancy Certificate cannot be forced upon the homebuyers. Accordingly, orders of NCDRC are affirmed and held that appellant shall continue to pay compensation as determined by the NCDRC.
HC, Arbitration clause prevails over general Jurisdiction Clause: Case of Jindal Coke Limited vs Himadri Speciality Chemicals Limited, HC Delhi Judgement Dated 13th January 2026. HC ruled that the arbitration clause prevails over a general jurisdiction clause when determining seat of arbitration. By designating New Delhi as venue for arbitration, the parties effectively chose it as the “seat,” giving Delhi courts supervisory jurisdiction.
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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)
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