Supreme Court of India
Tata Consultancy Services Limited v. Vishal Ghisulal Jain, Resolution Professional, Sk Wheels Private Limited
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What the Court ordered
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 co rporate debtor.
Judgment, page 23
From the headnote
Insolvency and Bankruptcy Code 2016 – s.60(5)(c) – Contractual dispute – Residuary jurisdiction of NCLT u/s. 60(5)(c), if can be invoked – Build Phase Facilities Agreement en tered into between appellant and respondent-Corporate Debtor, f ollowed by a Facilities Agreement – Corporate Debtor provided premise s with certain specifications, facilities to the appellant for conducting examinations for educational institutions – Termination notice i ssued by appellant – Ad-interim stay on the notice granted by NCLT – Order upheld by NCLAT – On appeal, held: Appellant was availi ng the services of
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