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
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