IBC: Terminated Contract Not Corporate Debtor’s Asset; Moratorium Won’t Revive It

The Supreme Court ruled that a contract terminated before the commencement of the CIRP cannot be treated as an “asset” of the corporate debtor, and the IBC moratorium cannot revive contractual rights that have already been extinguished. The Court clarified that IBC is not a tool to rewrite or restore terminated agreements and the resolution professional cannot demand reinstatement of such contracts. The moratorium shields existing assets but not expired rights. This judgment preserves the sanctity of contractual autonomy and prevents misuse of IBC to revive non-existent commercial arrangements.