JUDGMENT :

DHANANJAYA Y. CHANDRACHUD, J.

(A) The appeal

1. By its judgment dated 29.8.2019, the National Company Law Tribunal¹ [“NCLT” or “Adjudicating Authority”] stayed the termination by the appellant of its Power Purchase Agreement² [“PPA”] with Astonfield Solar (Gujarat) Private Limited³ [“third respondent” or “Corporate Debtor”]. The order of the NCLT was passed in applications⁴ [C.A. No. 701/2019 (first respondent) and C.A. No. 700/2019 (second respondent)] moved by the Resolution Professional of the Corporate Debtor⁵ [“first respondent” or R.P.”] and Exim Bank ⁶ [“second respondent”] under Section 60(5) of the Insolvency and Bankruptcy Code, 2016⁷ [“IBC”]. On 15 October 2019, the NCLAT dismissed the appeal by the appellant⁸ [“appellant” or “GUVNL”] under Section 61 of the IBC. The decision by the NCLAT is called into question.

2. The appellant assails the order dated 15 October 2019 of the NCLAT on, inter-alia, two broad grounds: first, that the NCLT and NCLAT do not possess jurisdiction under the IBC to adjudicate on a contractual dispute between the appellant and the Corporate Debtor and second, in any event, the termination of the PPA was validly made under Article 9.2.1(e)