Non-suspension of licenses: moratorium prevents termination of permits during insolvency unless current dues for use remain unpaid. During the moratorium, licenses, permits, registrations, quotas, concessions, clearances and similar grants shall not be suspended or terminated for insolvency provided current dues for their use are paid; critical supplies of goods or services deemed necessary by the interim or resolution professional shall not be interrupted unless dues remain unpaid or other specified exceptions apply, and the Government may notify additional transactions or arrangements to be protected after consultation with financial sector regulators or other authorities.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Non-suspension of licenses: moratorium prevents termination of permits during insolvency unless current dues for use remain unpaid.
During the moratorium, licenses, permits, registrations, quotas, concessions, clearances and similar grants shall not be suspended or terminated for insolvency provided current dues for their use are paid; critical supplies of goods or services deemed necessary by the interim or resolution professional shall not be interrupted unless dues remain unpaid or other specified exceptions apply, and the Government may notify additional transactions or arrangements to be protected after consultation with financial sector regulators or other authorities.
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