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The Calcutta High Court Tuesday set aside the directions of a magistrate court, which asked a CBI officer investigating the Rose Valley ponzi scam to appear before it and produce certain documents related to the investigation. Justice Shivakant Prasad, while hearing a petition by the CBI challenging the Alipore magistrate court’s order, said the officer would not have to appear before the lower court or produce documents pertaining to the scam.  The high court had on February 13 stayed the order of the Alipore court.  A case filed was filed…

Bankruptcy proceedings usually involve protecting a firm’s assets from creditors. An Indian tribunal has turned the concept on its head by offering protection to the lenders. The National Company Law Appellate Tribunal ordered that no lender can declare its exposure to embattled IL&FS Group as nonperforming without its permission – even if there is a default. The ruling by the bankruptcy court, which is overseeing the government-sponsored $12.8 billion insolvency of the infrastructuRE financier-operator, undermines the Reserve Bank of India’s powers to make banks and nonbank finance firms present a…