driven by trained resolution
professionals.
71. In the present case, the PPA was terminated solely on
the ground of insolvency, since the event of default ... insolvency of the
Corporate Debtor, there would be no ground to terminate
the PPA. The termination is not on a ground independent
of the insolvency
insolvency of
the corporate debtor, there would be no ground to
terminate PPA. The termination is not on a ground
independent of the insolvency ... 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
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 ... PPA by
the appellant, since the appellant sought to terminate the PPA
Company Appeal (AT) (Insolvency) No. 1468 & 1473 of 2019
Page
right to terminate a contract. Even if the contractual
dispute arises in relation to the insolvency, a party can be
restrained from terminating the contract ... 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
remedy his
default failing which the power purchase agreement was to be terminated.
The Corporate Debtor filed an Application under Section 60(5) with regard ... Order was passed on 31st May,
2019 restraining the Appellant from terminating PPA till the next date of
hearing. The Adjudicating Authority allowed the Application
Union of India and others, Direction (xi),
the PPA also could not have been terminated.
3. We have considered the submissions of learned counsel ... after due notice issued by the Punjab State Power
Corporation Ltd. PPA was terminated. Insofar as the submission of learned
counsel for the Appellant that
hold that the NCLT was empowered to restrain the
appellant from terminating the PPA. However, our decision is
premised upon a recognition of the centrality
Adjudicating
Authority by which direction was issued to not terminate the PPA which was
held to be central to the insolvency resolution of the corporate
PPA; and
43.2. (ii) Whether the appellant's right to
terminate the PPA in terms of Article 9.2.1(e) read
with 9.3.1 is regulated
PPA; and
43.2. (ii) Whether the appellant's right to
terminate the PPA in terms of Article 9.2.1(e) read
with 9.3.1 is regulated
