Ministry of Corporate Affairs has issued a notification on June 14, 2023, pertaining to the Insolvency and Bankruptcy Code, 2016. The notification specifies that the provisions of Section 14(1) of the Insolvency and Bankruptcy Code, 2016 shall not apply to certain transactions, arrangements, or agreements entered into by corporate debtors. These exemptions include Production Sharing Contracts, Revenue Sharing Contracts, Exploration Licenses, Mining Leases governed by the Oilfields (Regulation and Development) Act, 1948, and related transactions.
MINISTRY OF CORPORATE AFFAIRS
Notification
Dated : 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.
