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of <h1>Section 14(1) Moratorium Exemption for Oilfield Contracts Under Insolvency and Bankruptcy Code Announced by Central Government.</h1> The Central Government has issued a notification stating that the provisions of Section 14(1) of the Insolvency and Bankruptcy Code, 2016, which allow for a moratorium during the Corporate Insolvency Resolution Process, will not apply to certain agreements related to oilfields. These include Production Sharing Contracts, Revenue Sharing Contracts, Exploration Licenses, and Mining Leases made under the Oilfields (Regulation and Development) Act, 1948, as well as any related transactions or agreements, such as Joint Operating Agreements. This exemption is intended to ensure that these specific agreements remain unaffected by the insolvency proceedings.
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