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India’s corporate-law agenda on October 15, 2026, was led by insolvency, tax and securities enforcement. The Supreme Court clarified that a profitable company can still face insolvency proceedings after a financial default. NCLAT and NCLT issued fresh corporate-insolvency and personal-guarantor orders, while courts and tribunals dealt with GST penalties, input-tax-credit refunds, reassessment, customs and service-tax disputes. SEBI restrictions, promoter-disclosure proposals, arbitration rulings, merger proceedings and banking decisions—including the Yes Bank AT-1 matter—completed the day’s significant developments.
October 15 developments at a glance
| Forum or authority | Area and procedural posture | Reported monetary exposure | Immediate consequence | Nature of ruling |
|---|---|---|---|---|
| Supreme Court | Insolvency triggered by financial default despite profitability | Not stated | Companies cannot treat profitability as a defence to a proven loan default | Binding legal principle |
| NCLAT, Delhi | CIRP against Shri Paramsukh Edible Foods; stay of proceedings against Polycab India | Not stated | Creditor and debtor strategies turn on the record in each company | Appellate orders, including an interim stay |
| Calcutta High Court | GST penalty challenge and release of detained trucks | ₹25.23 lakh penalty | Penalty quashed and two trucks ordered to be released | Fact-specific judicial relief |
| GSTAT, Delhi | Input-tax-credit benefit not passed to homebuyers | ₹31.20 lakh payable to 66 buyers | Builder must transfer the determined benefit | Tribunal order on the record before it |
| Delhi and Bombay High Courts; Supreme Court | Income-tax penalty, reassessment, deductions and revision claims | ₹8.12 crore reassessment notice in one case | Procedural safeguards and limits on new claims remain central | Case-specific, with Supreme Court guidance where stated |
| SEBI and SAT | Rajesh Exports restrictions, proposed promoter-account freeze and appeals | Not stated | Disclosure, related-party and fund-use controls face regulatory scrutiny | Interim restrictions, proposal and appellate decisions |
| NCLT | Personal-guarantor insolvency, GIMCO CIRP and record-handover directions | Not stated | Promoters, guarantors and former resolution professionals must respond to proceedings | Admission and procedural orders |
| Supreme Court, NCLT and RBI | AT-1 bonds, mergers and scheduled-bank status | Not stated | Investor, transaction and banking counterparties must follow the applicable order | Binding judgment, tribunal process or regulatory action |
Insolvency and company-law decisions
Profitability does not block insolvency after default
The Supreme Court’s October 15 ruling addresses a recurring misconception in corporate finance: a company does not avoid insolvency proceedings merely because it remains profitable or has a positive business outlook. The relevant trigger described in the decision is a financial default. Creditors therefore need to establish the debt and default under the Insolvency and Bankruptcy Code (IBC), while the debtor cannot rely on profitability alone to defeat admission.
NCLAT’s records-based CIRP order and Polycab stay
NCLAT’s Delhi bench upheld CIRP against Shri Paramsukh Edible Foods, relying on GST-credit and TDS records. The order highlights the importance of statutory filings and tax records when parties contest the existence or amount of a debt. In a separate matter, NCLAT stayed insolvency proceedings against Polycab India. That stay is an interim development and does not establish a general exemption from CIRP.
Limitation for appeals starts at pronouncement
A Supreme Court guidance item reported on October 14 states that limitation for an appeal against an NCLAT order runs from the date the order is pronounced, rather than from the later receipt of a certified copy. Companies and creditors should therefore diarise the pronouncement date and seek procedural documents promptly instead of waiting for delivery before calculating the filing window.
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NCLT admissions and records handover
NCLT listings included admission of a personal-guarantor insolvency plea involving Sagar Autotech, admission of GIMCO into CIRP and directions requiring an erstwhile resolution professional to hand over records. Admission moves a matter into the insolvency process; it is not a final determination of every creditor claim. The records direction also shows why outgoing professionals must preserve and transfer books, data and process files needed by the successor office-holder.
GST, customs and other indirect-tax rulings
₹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 tied to the defects and evidence in that proceeding, but it gives transporters and businesses a concrete reminder to challenge detention and penalty orders on the statutory record rather than treating detention as conclusive.
₹31.20 lakh input-tax-credit benefit for 66 homebuyers
GSTAT Delhi directed a builder to pay ₹31.20 lakh to 66 homebuyers after finding that an input-tax-credit benefit had not been passed on. The order concerns the anti-profiteering-style obligation in that project and period; it is not a universal refund amount for every housing development. Builders should preserve the tax-credit computation, pricing trail and buyer-level allocation supporting their position.
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CESTAT and GST coverage
The roundup also lists CESTAT decisions involving water-supply agreements, dhaba collections, completely knocked-down electric two-wheelers, airline-cancellation charges and service-tax procedure. Taxguru’s October 15, 2026 archive independently records GST, customs and direct-tax decisions, including a ruling that GST cannot be levied on projected revenue before construction begins. The practical issue is timing: a projected or unearned amount cannot automatically be treated as taxable consideration before the legally relevant supply or construction stage.
Income-tax and direct-tax disputes
Penalty during a pending ITAT appeal
The Delhi High Court quashed an income-tax penalty while the related appeal remained pending before the Income Tax Appellate Tribunal. The result underscores the need to examine whether a penalty proceeding can stand independently when the underlying assessment is still under appellate consideration.
Vodafone Idea, Tata Chemicals and Pernod Ricard
The Bombay High Court issued directions in Vodafone Idea tax matters. A separate Tata Chemicals ruling concerned the deductibility of a non-compete fee. The Delhi High Court declined to quash an ₹8.12 crore reassessment notice against Pernod Ricard, leaving that reassessment challenge to proceed rather than ending it at the notice stage.
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Limits on new claims in revision
The Supreme Court held that taxpayers cannot raise fresh claims based on new facts in revision proceedings. Parties seeking revision must therefore distinguish a legal error apparent from the existing record from an attempt to introduce a new factual case.
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SEBI, SAT and securities-market enforcement
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. These are interim regulatory measures and allegations, not a final merits finding. Directors, auditors and listed-company finance teams should treat the action as a warning about disclosure controls, related-party approvals and traceable use of corporate money.
Proposed freeze for undisclosed IPO-fund use
The roundup reports a SEBI proposal to freeze promoters’ demat accounts when promoters fail to disclose how IPO proceeds were used. Because it is described as a proposal, its status differs from a final enforcement order. Promoters should nevertheless reconcile offer documents, board approvals, utilisation statements and exchange disclosures before any regulatory query.
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SAT decisions and certification terminology
SAT decisions involving Chanda Kochhar and Calcom Vision are also listed. Lexplosion’s October 15 regulatory roundup records SEBI replacing “Associated Person” with “Specified Person” in the securities-market certification framework. Firms should update compliance matrices and training records to use the current terminology and identify everyone covered by the revised framework.
Intellectual property and commercial courts
The day’s commercial-law list included withdrawal of Aamir Khan Productions’ “Batwara 1947” copyright suit, a ruling on a family-settlement trade name, a permanent injunction protecting the “CAREER POWER” mark and protection for Domino’s marks against confusing pizza-outlet names. 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. Together, the matters show the range of remedies—from withdrawal and mediation to permanent injunctions and refusal of interim restraint—available in commercial and intellectual-property disputes.
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Reported arbitration decisions examined how to identify the seat when agreements name more than one place, what evidence is needed to prove extra-work claims, when a non-signatory may be referred to arbitration and the limits of interim protection for disputed money claims. The common practical lesson is documentary precision: the arbitration clause, project correspondence, variation approvals and proof of loss determine whether a court can grant referral or interim relief. These holdings remain dependent on the wording and facts of each agreement.
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Mergers and amalgamations before the NCLT
NCLT merger proceedings covered POCL Enterprises–Planetfirst Green, Ford Motor–Ford India, Docon Technologies–API Holdings and group-company mergers involving India Cements. These are transaction proceedings rather than completed mergers merely because they appear in a cause list or order. Companies must still satisfy statutory notices, meetings or dispensation requirements, creditor and member protections, and the tribunal’s final sanction before the scheme takes effect.
Banking, RBI and secured-creditor matters
Yes Bank AT-1 bonds
The Supreme Court’s Yes Bank AT-1 decision addresses the write-off of additional tier-1 bonds. The judgment is significant for investors and banks because it determines how the contractual and regulatory framework governing these instruments operates when a bank is under stress.
Paytm Payments Bank’s scheduled-bank status
RBI removed Paytm Payments Bank from the scheduled-banks list after a winding-up order. The removal follows that procedural event and affects how the institution is classified for the purposes covered by the RBI action; it should not be read as a general statement about every payment-bank entity.
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SARFAESI and DRT disputes
Several SARFAESI and Debt Recovery Tribunal rulings were also reported. Borrowers, lenders and purchasers of secured assets should check the applicable possession, sale, challenge and appeal stage in each matter rather than assume that a tribunal listing changes the status of every enforcement action.
Other regulatory deadline
Lexplosion reported an EPFO extension moving the September 2026 ECR and remittance deadline to October 31, 2026. Employers using the extension should retain payment and filing evidence through the revised date, because the item concerns a specific contribution cycle and deadline.
Quick Recap
What companies should monitor after the roundup
- Track loan defaults independently of profitability and preserve a complete debt-and-payment record.
- Calculate NCLAT appeal limitation from pronouncement, while obtaining certified copies without delay.
- Reconcile GST, TDS, input-tax-credit and buyer-level records before responding to insolvency or tax claims.
- Review IPO-fund utilisation, related-party disclosures and financial-statement support for listed entities.
- Check arbitration seats, signatory status, variation orders and evidence of extra work before seeking relief.
- For mergers and banking actions, identify whether the order is an admission, stay, interim restriction, proposal or final judgment before changing operations.
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