Notification under Section 14(3)(a) of IBC for contracts under Oilfields (Regulation and Development) Act, 1948

                                                    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.