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“176. Given that the terms used in Section 60(5)(c) are of
wide import, as recognised in a consistent line of authority,
we hold that NCLT was empowered to restrain the appellant
from terminating PPA. However, our decision is premised
upon a recognition of the centrality of PPA in the present case
to the success of CIRP, in the factual matrix of this case,
since it is the sole contract for the sale of electricity which was
entered into by the corporate debtor. In doing so, we reiterate
that NCLT would have been empowered to set aside the
termination of PPA in this case because the termination took
place solely on the ground of insolvency. The jurisdiction of
NCLT under Section 60(5)(c) of IBC cannot be invoked in
matters where a termination may take place on grounds
unrelated to the insolvency of the corporate debtor. Even
more crucially, it cannot even be invoked in the event of a
legitimate termination of a contract based on an ipso facto
clause like Article 9.2.1(e) herein, if such termination will not
have the effect of making certain the death of the corporate
debtor. As such, in all future cases, NCLT would have to be
wary of setting aside valid contractual terminations which
would merely dilute the value of the corporate debtor, and not
push it to its corporate death by virtue of it being the
corporate debtor's sole contract (as was the case in this
matter's unique factual matrix).