In exercise of its powers conferred by clause (a) of sub-section (3) of section 14 of the Insolvency and Bankruptcy Code, 2016 (“IBC”), the Ministry of Corporate Affairs (“MCA”) notified that the provisions of sub-section (1) of section 14 of IBC, shall not apply where the corporate debtor has entered into any of the following transactions, arrangements or agreements, namely: –

1. the Production Sharing Contracts, Revenue Sharing Contracts, Exploration Licenses and Mining Leases made under the Oilfields (Regulation and Development) Act, 1948 and rules made thereunder; and
2. any transactions, arrangements or agreements, including Joint Operating Agreement, connected or ancillary to the transactions, arrangements or agreements referred to in clause (i).