https://www.taxtmi.com/caselaws?id=290977 The tribunal determined that the Power Purchase Agreement (PPA) qualifies as an 'instrument' under Section 238 of IBC 2016. Additionally, clauses 9.2.1(e) and 9.3.1 of the PPA were found to be inconsistent with the statutory timelines of the Corporate Insolvency Resolution (CIR) process under IBC 2016. As a result, the provisions of IBC 2016 were held to override the PPA, leading to the setting aside of default notices dated 01.05.2019. However, the Respondent Company retained the right to terminate the PPA in case of the Corporate Debtor's liquidation. en-us Thu, 29 Aug 2019 00:00:00 +0530 Fri, 23 Oct 2020 14:07:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290977 The tribunal determined that the Power Purchase Agreement (PPA) qualifies as an 'instrument' under Section 238 of IBC 2016. Additionally, clauses 9.2.1(e) and 9.3.1 of the PPA were found to be inconsistent with the statutory timelines of the Corporate Insolvency Resolution (CIR) process under IBC 2016. As a result, the provisions of IBC 2016 were held to override the PPA, leading to the setting aside of default notices dated 01.05.2019. However, the Respondent Company retained the right to terminate the PPA in case of the Corporate Debtor's liquidation. Case-Laws Companies Law Thu, 29 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290977