The October 15, 2026 LiveLawBiz corporate legal news daily round-up is led by insolvency, with the Supreme Court reaffirming that a company’s profitability does not shield it from proceedings after a financial default. The same-day India corporate law updates also cover GST and income-tax disputes, SEBI enforcement, arbitration, mergers, competition approvals and banking litigation.
For companies, creditors, promoters, taxpayers and investors, the practical message is to track default evidence, disclosure controls, tax-proceeding deadlines and interim orders separately: the day’s decisions range from binding Supreme Court guidance to fact-specific stays and regulatory proposals.
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Insolvency and company law lead the day
Profitability is not a defence to a financial default
In a ruling reported on October 15, the Supreme Court held that a company can face insolvency proceedings even when it is profitable if a financial default is established. The trigger described in the ruling is the existence of default, not a separate test of whether the business is loss-making or balance-sheet insolvent. As Supreme Court guidance, the principle is binding and matters to lenders assessing whether to invoke the Insolvency and Bankruptcy Code (IBC).
NCLAT decisions on CIRP evidence and a stay
The National Company Law Appellate Tribunal (NCLAT), Delhi, upheld commencement of corporate insolvency resolution proceedings (CIRP) against Shri Paramsukh Edible Foods. The tribunal relied on GST-credit and tax-deducted-at-source records as evidence relevant to the debt and default. The decision shows why companies should reconcile indirect-tax and withholding records with their books before a creditor challenge reaches the tribunal.
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In a separate matter, NCLAT stayed insolvency proceedings against Polycab India. A stay is interim relief; it does not finally decide the underlying insolvency question and can change as the appeal develops.
Limitation runs from pronouncement
The roundup also records Supreme Court guidance dated October 14 that the limitation period for an appeal against an NCLAT order runs from the date of pronouncement, rather than the later date on which a certified copy is received. Parties should therefore calculate filing deadlines from the order’s pronouncement and seek procedural advice immediately if the order is delivered orally or uploaded later.
NCLT admissions and record handover
NCLT proceedings included admission of a personal-guarantor insolvency application involving Sagar Autotech, admission of GIMCO into CIRP, and directions requiring an erstwhile resolution professional to hand over records. These orders underline that insolvency duties continue after a professional’s tenure and that personal guarantees can create a separate insolvency route alongside corporate proceedings.
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GST, customs and indirect-tax decisions
₹25.23 lakh GST penalty quashed and trucks released
The Calcutta High Court quashed a GST penalty of ₹25.23 lakh and directed release of two detained trucks. The relief is a final court order on the challenged detention and penalty, subject to any further remedy available to the tax department. Businesses facing vehicle detention should preserve transport documents, invoices, e-way records and the chronology of the seizure so that the factual basis of the demand can be tested quickly.
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Builder ordered to pass on input-tax-credit benefit
GSTAT, Delhi, directed a builder to pay ₹31.20 lakh to 66 homebuyers for failing to pass on an input-tax-credit benefit. The order puts the anti-profiteering consequence in concrete terms: an eligible tax benefit must reach the recipient rather than remain with the supplier.
Other indirect-tax questions
The roundup lists CESTAT decisions concerning water-supply agreements, dhaba collections, completely knocked-down electric two-wheelers, airline-cancellation charges and service-tax procedure. Their outcomes are fact-specific, so businesses should not generalise one classification or procedural ruling across different contracts without checking the taxable supply, period and evidence involved.
Taxguru’s October 15, 2026 archive independently records GST, customs and direct-tax stories, including a ruling that GST cannot be levied on projected revenue before construction begins. That issue is especially relevant to developers and contractors who receive accounting projections before an actual taxable supply or construction milestone.
Income-tax developments and reassessment risk
Penalty set aside while an ITAT appeal is pending
The Delhi High Court quashed an income-tax penalty while the taxpayer’s appeal remained pending before the Income Tax Appellate Tribunal. The order illustrates the importance of examining whether a penalty can survive when the underlying assessment is still under appellate consideration; it does not create a blanket stay of every penalty in every pending appeal.
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Vodafone Idea, Tata Chemicals and Pernod Ricard matters
The Bombay High Court issued directions in Vodafone Idea tax matters. The roundup also reports a Tata Chemicals ruling on the deductibility of a non-compete fee, while the Delhi High Court declined to quash an ₹8.12 crore reassessment notice against Pernod Ricard. Refusing to quash a notice is a procedural result: the reassessment continues, and the court has not finally determined the taxpayer’s liability for that amount.
Limits on new claims in revision
The Supreme Court ruled that taxpayers cannot raise fresh claims based on new facts in revision proceedings. Taxpayers should put the complete factual and legal record before the original authority and use the correct appellate route rather than trying to introduce a new factual case at the revision stage.
SEBI enforcement, disclosure and market regulation
Rajesh Exports restrictions continue
SEBI continued interim restrictions involving Rajesh Exports over alleged financial-statement misrepresentation, undisclosed related-party transactions and use of company funds. Because the measures are interim, the allegations remain to be adjudicated; the immediate consequence is that affected persons must comply with the restrictions while the regulator’s process proceeds.
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SEBI proposed freezing promoters’ demat accounts where they failed to disclose how IPO funds were used. A proposal is not the same as a final order, but it signals that disclosure of issue proceeds is being treated as an enforcement priority. Listed companies should maintain board-approved utilisation records, periodic disclosures and an audit trail linking each expenditure to the stated objects of the issue.
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SAT and certification-framework updates
The Securities Appellate Tribunal (SAT) matters listed include decisions involving Chanda Kochhar and Calcom Vision. The roundup does not state a single rule that applies to both cases; their effect depends on the orders and records in each appeal.
Lexplosion’s October 15 regulatory roundup records SEBI replacing “Associated Person” with “Specified Person” in the securities-market certification framework. Compliance teams should update internal policies, training matrices and examination references to match the revised terminology. The same roundup records EPFO’s extension of the September 2026 electronic challan-cum-return and remittance deadline to October 31, 2026.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Arbitration and commercial-court decisions
Seat, extra work and non-signatories
The arbitration cases address four recurring questions: how to identify the seat when a contract names more than one place; what evidence proves that extra work was authorised and payable; when a non-signatory can be referred to arbitration; and when interim protection is unavailable for a disputed money claim. Together, they favour careful drafting of the arbitration clause, written variation orders and contemporaneous proof of performance. A referral or interim order at this stage does not necessarily decide the final amount due.
Intellectual-property and mediation rulings
The digest reports withdrawal of Aamir Khan Productions’ “Batwara 1947” copyright suit; a commercial-division ruling on a family-settlement trade name; a permanent injunction protecting the “CAREER POWER” mark; and protection of Domino’s marks against confusing pizza-outlet names.
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The Bombay High Court refused to restrain Kangana Ranaut’s “Queen Full Power” in a copyright dispute. The Calcutta High Court also addressed pre-litigation mediation in a counterfeit-cigarette case. These outcomes show the range of procedural results: withdrawal, injunction, refusal of interim restraint and mediation-related directions are not interchangeable remedies.
Mergers, competition and banking
NCLT merger proceedings
NCLT merger coverage includes POCL Enterprises–Planetfirst Green, Ford Motor–Ford India, Docon Technologies–API Holdings and group-company mergers involving India Cements. These are transaction proceedings requiring tribunal scrutiny; listing or hearing does not itself mean that a scheme has received final sanction.
CCI investigations and clearances
Competition-law items concern CCI investigation procedure and acquisition matters. Parties to a combination should distinguish a clearance from an investigation step: the former permits the notified transaction subject to its terms, while the latter concerns possible competition-law issues that may still require responses or evidence.
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Yes Bank AT-1 bonds and RBI action
The Supreme Court’s Yes Bank decision concerns the write-off of additional-tier-1 (AT-1) bonds, an issue with direct consequences for investors and bank resolution practice. The roundup also records the RBI’s removal of Paytm Payments Bank from the scheduled-banks list after a winding-up order, along with several SARFAESI and Debt Recovery Tribunal rulings. Lenders and borrowers should treat those recovery decisions as case-specific and check the operative order before changing enforcement or repayment strategy.
Quick Recap
What companies should do after these India corporate law updates
- Creditors should verify default dates and preserve GST, TDS, banking and ledger records before filing an IBC application.
- Promoters and listed companies should reconcile IPO-fund utilisation, related-party disclosures and financial statements before the next filing cycle.
- Tax teams should calendar reassessment, penalty and appeal deadlines from the order or pronouncement date that governs each proceeding.
- Developers and suppliers should test GST treatment against the actual taxable supply, not projected revenue, and document any input-tax-credit pass-through.
- Contract managers should record the agreed arbitration seat, written approval for extra work and signatures of every party expected to arbitrate.
- Boards reviewing mergers or acquisitions should identify whether a matter is at filing, investigation, clearance or final-sanction stage.
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