CIRP - Power to declare moratorium for prohibiting - Provisions of Section 14(1) shall not apply in respect of the Production Sharing Contracts, Revenue Sharing Contracts, Exploration Licenses and Mining Leases made under the Oilfields (Regulation and Development) Act, 1948 (53 of 1948) and rules made thereunder - Insolvency and Bankruptcy Code, 2016 - S.O. 2660 (E) - Insolvency and Bankruptcy
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Moratorium exclusion for oil and mining contracts preserves specified contracts and related agreements from suspension under insolvency law. The Central Government notifies that the moratorium provisions under the Insolvency and Bankruptcy Code shall not apply to Production Sharing Contracts, Revenue Sharing Contracts, Exploration Licenses and Mining Leases under the Oilfields (Regulation and Development) Act, nor to transactions, arrangements or agreements, including Joint Operating Agreements, connected or ancillary to those contracts.
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.
Moratorium exclusion for oil and mining contracts preserves specified contracts and related agreements from suspension under insolvency law.
The Central Government notifies that the moratorium provisions under the Insolvency and Bankruptcy Code shall not apply to Production Sharing Contracts, Revenue Sharing Contracts, Exploration Licenses and Mining Leases under the Oilfields (Regulation and Development) Act, nor to transactions, arrangements or agreements, including Joint Operating Agreements, connected or ancillary to those contracts.
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