The Indian government has exempted bankrupt petroleum firms' mining leases, exploration licences and production and revenue-sharing contracts from a moratorium under the Insolvency and Bankruptcy Code (IBC). This is contrary to rules that any licences or rights provided by other laws are not terminated during insolvency. The new notification is likely to have an impact on the insolvency processes of such companies, according to industry experts. The notification's effect on existing cases remains unclear.
