Section 32 in Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
32. Essential supplies.
- The essential goods and services referred to in section 14(2) shall mean-(1)electricity;(2)water;(3)telecommunication services; and(4)information technology services, to the extent these are not a direct input to the output produced or supplied by the corporate debtor.Illustration - Water supplied to a corporate debtor will be essential supplies for drinking and sanitation purposes, and not for generation of hydro-electricity.
