Moratorium under IBC for prohibiting activities not to apply where corporate debtor has entered into specified transactions, arrangements or agreements
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 14th June, 2023
S.O. 2660(E).—In exercise of the powers conferred by clause (a) of sub-section (3) of section 14 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby notifies that the provisions of sub-section (1) of section 14 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), shall not apply where the corporate debtor has entered into any of the following transactions, arrangements or agreements, namely: –
(i) 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; and
(ii) any transactions, arrangements or agreements, including Joint Operating Agreement, connected or ancillary to the transactions, arrangements or agreements referred to in clause (i).
[F. No.Insol-30/1/2023-Insolvency-MCA]
ANITA SHAH AKELLA, Jt. Secy.
AO stating that material forming basis of reopening shall be disclosed at the stage of assessment/re-assessment, indicates that the AO…
Reopening conclusion that assessee was “Non-Filer” despite assessee clearly stating in reply that he had filed ITR was non-application of…
High Court declined to allow production of physical documents by in Faceless Assessment simply because they were voluminous In a…
The prima facie satisfaction u/s 148 cannot be stretched to a non-existing information or incorrect information - ITAT In a…
Mutual Funds to value physical Gold and Silver by using the polled spot prices published by the recognized stock exchanges…
Supreme Court allows simultaneous CIRP proceedings against principal debtor and its corporate guarantor, declines to frame any guidelines In a…