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2019 (6) TMI 1028 - Tri - Insolvency and BankruptcyEnforceability of Foreign Award - Deductibility of ONGC Participating Interest - computation of “Post-Tax Rate of Return‟ (PTRR) and “Cost Petroleum‟ (ONGC Carry Issue) - HELD THAT:- The scope of this Miscellaneous Application is very limited that whether the GoI can recover Petroleum due at this stage when the Corporate Debtor is already under Insolvency. The scope of this Miscellaneous Application is not towards a request of enforcement of Foreign Award. Because of this reason, since this Bench is not adjudicating upon Enforcement of Foreign Award, therefore, not inclined to answer the legal question raised about the applicability of Section 47, 48 and 49 of the Arbitration and Conciliation Act, 1996. This Bench is only concerned about the enforcement of the provisions of Insolvency Code. This Code is introduced with the objective as per its Preamble, to reorganize a corporate person in a time bound manner for maximization of value of assets as well as to promote entrepreneurship along with the motive to balance the interest of all the stakeholders, notwithstanding alteration in the Order of priority of payment of Government dues. All attempts are to be made to procure the value of the Debtor Company as also to procure the assets of the Debtor Company. Already an Order has been pronounced on 06.06.2018 by this Bench u/s. 7 of the Insolvency Code, thereupon, implementation of Section 14 of IBC by declaring commencement of “Moratorium”. The effect of declaration of “Moratorium” is that prohibition is enforced for recovery against the said Corporate Debtor. Prohibition is also towards institution of any suit or execution of any Judgment, Decree or Order of any Court of Law, Tribunal, Arbitration Panel, etc. Once the “Moratorium” is declared such an action on the part of the GoI, Ministry of Petroleum, is not legal as far as the Insolvency Code is concerned now fully applicable on this Corporate Debtor. It is judicious to direct the concerned Government authority not to press or implement the impugned Notice dated 22.10.2018 during the commencement of Insolvency proceeding and as long as the “Moratorium” is applicable on this Corporate Debtor. Application disposed off.
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