Section 5 - Amendment of Section 14 - Insolvency and Bankruptcy Code (Amendment) Act, 2020

Amendment of section 14 5. In section 14 of the principal Act,- ( a ) in sub-section (1), the following Explanation shall be inserted, namely:- Explanation. -For the purposes of this sub-section, it is hereby clarified that notwithstanding anything contained in any other law for the time being in force, a license, permit, registration, quota, concession, clearances or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license, permit, registration, quota, concession, clearances or a similar grant or right during the moratorium period; ; ( b ) after sub-section (2), the following sub-section shall be inserted, namely:- (2A) Where the interim resolution professional or resolution professional, as the case may be, considers the supply of goods or services critical to protect and preserve the value of the corporate debtor and manage the operations of such corporate debtor as a going concern, then the supply of such goods or services shall not be terminated, suspended or interrupted during the period of moratorium, except where such corporate debtor has not paid dues arising from such supply during the moratorium period or in such circumstances as may be specified. ; ( c ) in sub-section (3), for clause (a), the following clause shall be substituted, namely:- ( a ) such transactions, agreements or other arrangements as may be notified by the Central Government in consultation with any financial sector regulator or any other authority; .