A parliamentary panel in India recommended lowering the minimum age for managing directors from 21 to 18 and raising the maximum age to 75. The committee also proposed measures for reverse-flipping of foreign companies and dedicated NCLT benches.
The Supreme Court stressed the need for AI regulation in law, warning against unverified AI-generated material undermining justice. It directed the BCI to form a committee on AI in legal practice and set aside NCLT/NCLAT orders in the Essel Infraprojects case due to reliance on fake AI precedents.
The Supreme Court has directed the IBBI and NCLT to furnish comprehensive nationwide data on pending resolution plan applications and reasons for delays, following a two-year delay in approving AVJ Developers' plan. The bench comprising Justices JB Pardiwala and KV Viswanathan expressed concern over the prolonged delay and scheduled the next hearing for April 29.
The Supreme Court has directed the National Company Law Tribunal to expedite its decision on whether a court-appointed committee is necessary to oversee Supertech's 30 stalled projects. This follows the suspension of the firm's interim resolution professional over misconduct allegations. The tribunal will determine if the oversight panel should cover all projects or only the 16 projects taken up by state-run NBCC. Homebuyers have expressed concerns about project completion timelines.
