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The Supreme Court through its judgement dated 09.07.2026 in the matter of M/s Levitate Mobile Technologies Private Limited v M/s Standard Chartered Bank & Another held that the Commercial Courts Act 2015 (“Commercial Courts Act”) is meant for expeditious disposal of commercial disputes and belated production of evidence, cannot water down the statutory intent and rigours of the Commercial Courts Act.

In Directorate of Enforcement v. Joy of India & Ors., Writ Petition No. 698 of 2018, the Karnataka High Court reaffirmed the statutory test for determining whether a person qualifies as a "person resident in India" under Section 2(v) of the Foreign Exchange Management Act, 1999 ("FEMA").

The regulatory answer is thorough scrutiny and identification of the red flags and potentials risks through the process of Due diligence. “Due diligence” the term elucidated by Hon’ble Supreme Court of India, in the matter of Chander Kanta Bansal V. Rajinder Singh Anand (2008) 5 SCC 117, as per Black’s law Dictionary (18th Edn)- “Due Diligence” means the diligence reasonably expected from, and ordinarily exercised by, a person who seeks to satisfy a legal requirement or to discharge an obligation.’