Grant of stay/injunction under provisions of IBC against termination of contract entered into with corporate debtor is not permissible, when: (i) The contract is terminated dehors insolvency proceedings under IBC i.e. there exists no nexus between the termination notice and insolvency resolution proceedings, and (ii) Criteria laid down in Gujarat Urja, (2021) 7 SCC 209 are not satisfied, namely: (a) the contract is central to the success of CIRP, and (b) corporate debtor would not be able to maintain itself as a “going concern” on its termination.
[TATA Consultancy Services Ltd. v. SK Wheels (P) Ltd. (Resolution Professional), (2022) 2 SCC 583]