JUDGMENT :

Dr. Dhananjaya Y. Chandrachud, J.

1. This appeal arises from a judgment dated 24 June 2020 of the National Company Law Appellate Tribunal¹[“NCLAT”]. The NCLAT upheld the interim order dated 18 December 2019 of the National Company Law Tribunal²[“NCLT” or “Adjudicating Authority”] which stayed the termination by the appellant of its Facilities Agreement dated 1 December 2016 with SK Wheels Private Limited³[“Corporate Debtor” or “Respondent”].

Factual Background

2. The appellant and the Corporate Debtor entered into a Build Phase Agreement on 24 August 2015 followed by a Facilities Agreement on 1 December 2016. The Facilities Agreement obligated the Corporate Debtor to provide premises with certain specifications and facilities to the appellant for conducting examinations for educational institutions.

3. Clause 11(b) of the Facilities Agreement states that either party is entitled to terminate the agreement immediately by written notice to the other party provided that a material breach committed by the latter is not cured within thirty days of the receipt of the notice. Clause 11(b) reads as follows:

“11. Termination

….

(b) Termination for Material Breach. Either party may term