NCLAT Allows Appeal by Central Transmission Utility of India Ltd. Against NCLT Order Restraining Termination of Transmission Service Agreement During CIRP. The Appellate Tribunal held that the moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016 does not bar termination of a contract for pre-CIRP defaults by the corporate debtor, and that the Resolution Professional cannot compel performance of a contract that has been validly terminated prior to the moratorium.
30 Jun 2021The appeal was filed by Central Transmission Utility of India Ltd. (CTUIL) against an order of the National Company Law Tribunal (NCLT), Hyderabad, da...
