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The Insolvency and Bankruptcy Board of India (“IBBI”) has issued Circular No. IBBI/CIRP/105/20261 dated September 09, 2026, directing Insolvency Professionals (“IPs”) to exercise due diligence and remain vigilant against potential misuse of the insolvency framework under the Insolvency and Bankruptcy Code, 20162. (“IBC” or “Code”). The circular follows information received by the IBBI from law enforcement and regulatory agencies regarding […]
Can an arbitrator quantify a contractor’s overhead losses using a standard costing formula without any evidence of the actual loss suffered? The Delhi High Court answered no in State Bank of India v K R Anand1 (judgment dated 15 September 2026), partly setting aside an arbitral award that had granted a construction contractor over Rs 1.43 crore, including amounts for […]
The Rajasthan High Court, in M/s Nagaur Mukundgarh Highways Pvt. Ltd. v. Central Board of Indirect Taxes and Customs1, upheld the levy of Goods and Services Tax (“GST”) on annuity payments received under concession agreements for highway projects. The Division Bench held that the services undertaken under the agreements constituted taxable works contract services and that the exemption under Entry […]